By Jonathan Davies
Bankers who break the law should be given longer prison sentences, according to the governor of the Bank of England, Mark Carney.
During his Mansion House speech, Mr Carney warned that "the age of irresponsibility is over" and said some bankers acted with a "culture of impunity".
"Criminal sanctions should be updated, with market abuse rules similarly extended and maximum prison terms lengthened," he added.
Also speaking at Mansion House, the Chancellor George Osborne said: "The public rightly asks: 'Why is it after so many scandals so few individuals have faced punishment in the courts?'
"Individuals who fraudulently manipulate markets and commit financial crime should be treated like the criminals they are - and they will be."
The calls were also echoed by City of London Lord Mayor Alan Yarrow, who said: "I feel the pendulum has swung too far towards prescription. Just because it's legal, doesn't mean it's right. It is the spirit of what we believe is right which should be the principle of our regulation.
"It's like a supermarket with no security cameras - if someone takes something without paying, it is theft. Theft is theft. There is no escape. People should uphold professional standards irrespective of whether the regulators are there or not."
