MP for the Kirkcaldy and Cowdenbeath Constituency, Roger Mullin, has challenged Chancellor George Osborne during the second reading of the Bank of England and Financial Services Bill, to stick by his agreement that senior bank officials should be held accountable for breaches of conduct.
George Osborne is attempting to backtrack on one of the core recommendations of the Parliamentary Commission on Banking Standards, in effect, the Government are seeking to loosen arrangements, and make it easier for senior officials to avoid responsibility for bank failings.
Speaking during the debate, Roger Mullin said: “I have been concerned about the willingness of the Government to remove what is called ‘the reverse burden of proof’ for senior managers before it has even been tested. Without it, we could perpetuate a culture of failing to accept responsibility under the cloak of a form of collective responsibility that favours the consensus of the guilty over the scrutiny of behaviour".
Since the debate, Mr Mullin has been appointed by Parliament to the Bank of England Bill Committee.
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