Lords fail to overturn government plans to soften rules on banker accountability


Once again we return to the question of the power that lobbyists wield.

Does anybody doubt that the Conservative Government has imposed this change following a request by the banking sector, or that ministers are pushing it through with their eye on their own futures?

Labour and Liberal Democrat peers have narrowly failed to overturn government proposals to push through banking regulations they claim will make it easier for senior bankers to escape prosecution following a financial crash.

Several independent peers joined the government to vote down an amendment that would have retained tougher rules on bankers first put in place following the collapse of Britain’s banking system in 2008. The amendment was defeated by two votes.

The new rules had reversed the burden of proof for senior bank and insurance executives, forcing them to show they acted within the law and complied with tough new financial regulations following any collapse or the emergence of wrongdoing.

Conservative peers and legal experts, including the human rights lawyer David Pannick, said the government was justified in switching the burden of proof back to prosecutors to prevent bankers from being unfairly singled out.

Source: Lords fail to overturn government plans to soften rules on banker accountability | Business | The Guardian

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6 thoughts on “Lords fail to overturn government plans to soften rules on banker accountability

  1. David

    What accountability!
    Have any of them actually received any punishment!
    Between bankers and government the blame squarely lies yet it is the ‘common folk’ bearing the brunt as usual!

  2. Dez

    Tough new financial regulations? They took diddly squat notice of the last lot of rules and regs. It was not just one isolated incident it was several banking scams uncovered it was like a feeding frenzy of greedy pigs. Being joined at the hip with a bent Government the bankers have probably got a better rein to do what they like…Again.

    1. David Woods

      I have little faith in the good Lords and Ladies either; most are ex politicians rewarded for their loyalty to their particular parties regardless of good or ill towards their constituents. Can’t see them changing after a lifetime of Party First, now they get to sit on Committees and Advisory boards regardless of good or ill towards their ex constituents!

      If the good Peers and MP’s believe this harsh I have to say it is the actions and inactions of yourselves and your colleagues that have caused me to think this way.

      You have the power to change my believe!

  3. amnesiaclinic

    The bail-outs are still pumping billions into the banks and the bonuses for directors unless I am mistaken.
    The actual totals must be trillions.
    Anyone have up-to-date figures?

    1. David Woods

      Let us not forget, this is pure debt thrown onto the victims shoulders without a by-your-leave!
      Has put national debt very near breaking point (if they included it in the figures, but it’s nicely hidden away from public view).
      Wouldn’t put it past them if the war on IS isn’t just a front to redirect our gaze!

Comments are closed.