'Reckless' bankers face up to seven years in prison

New laws passing through Parliament could see bankers found guilty of "reckless misconduct" jailed for up to seven years.

Senior bankers in Britain could face the lengthy jail term if their bank fails and they are subsequently found guilty of "reckless misconduct", draft laws published on Tuesday said. The sentence was included in a wide-ranging set of proposed amendments to the Banking Reform Bill which the coalition government is seeking to enact in the wake of the financial crisis. Jail terms were proposed earlier this year by the Parliamentary Commission on Banking Standards and the Government has now taken on board the proposals and created draft legislation. "During the financial crisis and in r...