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.

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"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)