On Wednesday 29 February 2012, following PMQs and any statements, Steve Baker MP will introduce a Bill to:
- enforce strict liability on directors of financial institutions
- enforce unlimited personal liability on directors of financial institutions
- require directors of financial institutions to post personal bonds as additional bank capital
- require personal bonds and bonuses to be treated as additional bank capital
- make provision for the insolvency of financial institutions
- establish a financial crimes investigation unit
The purpose of this Bill is to minimise moral hazard within the financial system by ensuring that those who take risks are held personally liable for the consequences. Since rules can usually be gamed by financial institutions, a principle underlying this Bill is to minimise scope for evasion.
Steve Baker MP.
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IT engineer, guitarist, singer & wannabee sound engineer, angler, photo nut, website geek and programmer. Currently residing in SW France. Wanting to make a difference to peoples lives! Interests: Alternative food and energy production, reigning in government and the banks.