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MAKE BANKERS LIABLE FOR LOSSES, SAYS STEVE BAKER

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Saturday, 3 March, 2012

In his Ten-Minute Rule motion on Wednesday after Prime Minister’s Questions, Mr Baker sought to seek leave to introduce a bill to improve the governance of banks by adjusting directors’ and employees’ exposure to risk:  the Financial Institutions (Reform) Bill. The purpose of the Bill is to implement a series of mutually-reinforcing measures to resolve the financial crisis and minimise the chance of a future crisis. It is intended to:

  • Preserve and extend commercial freedom,
  • Promote personal, professional and mutual responsibility,
  • Facilitate enterprise under the rule of law, avoiding excessive intervention by regulators,
  • Deliver justice, so that those who stand to gain bear the risks of failure.

The fundamental principle is to make bankers liable for their own actions, so reining-in rampant moral hazards and excessive risk-taking. These measures would restore the integrity of the financial system and provide a sound basis on which the UK could continue to lead the world in financial services.

Click here to watch Steve deliver the Bill in the Commons

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