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Professional Standards in the Banking Industry

I will give way in a moment, but let me explain what the FCA’s chief executive-designate will do. It is very important. He will work swiftly and report this summer, so that the Financial Services Bill, which is currently before Parliament, can if necessary be amended and the regulators can acquire the new powers that they need. Yesterday, he responded to the damning FSA report into the failure of RBS with plans for new sanctions for the directors of failed banks, including the possibility of criminal sanctions. I speak for hon. Members on both sides of the House when I say that, sadly, there is a stark difference between the powers available to the UK authorities and those available to their US counterparts. We need to correct that.