Kenneth Clarke: Put rogue bankers on trial - Telegraph
The justice secretary said that the UK’s track record on prosecuting financial crime was poor and that the work of the Serious Fraud Office should be reviewed.
Mr Clarke was commenting on the two scandals to rock the City this week. The rate-rigging scandal at Barclays has led to calls for a criminal investigation and the resignation of the bank’s chief executive Bob Diamond.
Taxpayer-backed Royal Bank of Scotland has also confirmed it was being investigated for manipulating the rates at which banks lend to each other, known as Libor.
Days later, an inquiry by the Financial Services Authority uncovered “serious failings” in the sale of complex financial products to small businesses.
The justice secretary said that if bankers were found to have breached the law, they should be brought to trial.