The government has said it will support most of the recommendations produced by the Parliamentary Commission for Banking Standards. Top of the list will be a new criminal offence of reckless misconduct by top bankers, with a possible jail term. Banker bonuses are to be deferred by up to 10 years, and could be repayable if the bank has to be bailed out. But the government did not agree to toughen limits on banks' risk-taking or to scrap its bank holding company. In a 571-page report issued last month, the Commission had called for a much tougher "leverage ratio" for banks - a measure that limits the total amount of loans and investments a bank can make relative to the amount of capital the bank holds to absorb losses on those assets....Read more here