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UK backs proposals to shake-up banking standards

Britain's finance minister George Osborne backed plans to raise standards across banking and said on Monday he will push through a raft of proposals to shake up the industry's culture after a series of scandals.

Osborne said he plans to implement the main proposals set out by a committee of lawmakers last month, which includes the threat of prison for reckless bosses, greater scope to claw back bonuses and pensions, and two new registers to better monitor behavior.

"The government will implement its main recommendations. Where legislative changes are required we will amend the Banking Reform Bill which is currently before Parliament," Osborne said in a statement.

(Reporting by Steve Slater; Editing by Sinead Cruise)