09:15 03 October 2013
Chancellor George Osborne has set out the changes to the Treasury’s Banking Reform Bill. These changes are due to take effect in 2014.
With the goal to protect taxpayers, the government aims to separate the High Street banks from their trading arms in the city.
The Treasury said that major reforms, which aim to drive up standards and increase financial stability, will help in ensuring that banks will work not just for the economy but for consumers as well.
A Treasury spokesman said: "The offence will only apply to behaviour which falls far below the standard that could reasonably be expected of a person in that position - this is similar to the test for corporate manslaughter."
"Today's amendments mark the final part of the government's plan for the biggest ever overhaul of the UK banking system."
Meanwhile, Treasury's briefing note said: New powers for the Bank of England give it the ability to identify and address systemic risks as they emerge, ensuring banks that will not bring down the economy.
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