Senior bankers guilty of reckless misconduct should be jailed, a long-awaited report on banking commissioned by the government has recommended. The Parliamentary Commission on Banking Standards was set up by Chancellor George Osborne last year after a number of scandals involving the industry. The cross-party group's fifth report attacked the lack of accountability of bankers and also said some bonuses should be withheld for up to 10 years. The Treasury has welcomed the report. It called it "a very impressive piece of work" and promised to provide a response before the summer recess. "Where legislation is needed, we have said we will support it, and the banking bill currently before Parliament can be amended to ensure they are quickly enacted," a spokesman added.The 571-page report also called on the government to review alternatives for selling off the Royal Bank of Scotland (RBS), including breaking it up, and demanded action to make the banking market more competitive....Read more here