Wednesday, April 24

Day: June 11, 2015

Mark Carney tells City of London: The age of irresponsibility is over
London

Mark Carney tells City of London: The age of irresponsibility is over

    Mark Carney warned the City of London that the “age of irresponsibility is over” as he unveiled a host of new sanctions and procedures designed to cleanse financial markets that have been tarnished by a tidal wave of rate rigging scandals. Speaking at the annual Mansion House dinner, the Bank of England’s Governor promised that traders fired for misconduct would have their full history made available to prospective employers. He also called for criminal sanctions to be “updated”, with longer maximum prison terms for rate-riggers. Mr Carney added that a “senior managers’ regime” would be extended beyond banks to cover asset managers and hedge funds, meaning that all those in charge of traders active in markets vulnerable to abuse will find themselves personally “on the ...