Errant bankers 'must be struck off'

Irresponsible bankers who take unacceptable risks should be thrown out of the profession, Ed Miliband has said
12 April 2012

Irresponsible bankers who take unacceptable risks or mis-sell products to customers should be thrown out of the profession, Ed Miliband has said.

In an interview with The Sunday Times, the Labour leader called for tough new rules that see reckless City staff "struck off" in the same way that negligent midwives and doctors can be ruled unfit for practice.

His comments come ahead of the publishing of the Independent Commission on Banking's (ICB) final report which will make recommendations on how to prevent another banking crisis.

Referring to the crisis that led to the massive taxpayer bailout Mr Miliband said: "Bankers say the era of remorse is over, but that's not good enough. I just don't think anything has really changed. Nobody has paid a price for what happened - that is what really angers people.

"There is a sense that they just don't get it. This is nothing to do with politics or envy. It is to do with the real destruction caused by bankers, for which other people paid the price."

The MP added: "Frankly, I think the industry should take some responsibility and strike people off who do the wrong thing."

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in