Osborne to spell out bank plans

AOL Money Staff
George Osborne
George Osborne

George Osborne is to shed light on his plans for the banking industry following the long-awaited report from the Parliamentary Commission on Banking Standards.

The report outlined a series of recommendations to raise standards in the banking sector following the Libor rate-rigging scandal. Senior bankers should be personally responsible for malpractice, with a new criminal offence of reckless misconduct in the management of a bank that carries a custodial sentence, the commission concluded. It also called for bankers to be licensed and to sign up to a set of banking standards rules.