John Mann, the battler from Bassetlaw, is back with the results of his very own banking inquiry.
The Labour MP set up the alternate inquiry after expressing his displeasure at the omission of fellow committee member Andrea Leadsom and his good self from the specialist Libor inquiry because they were “too outspoken”. The words “whitewash” and “farce” also made an appearance:
“Both Andrea and I were available for the Inquiry and because we are too outspoken we have been blocked. This exposes the Inquiry as a total whitewash with Andrew Tyrie reaching his conclusions in advance of the meetings. We need to get to the bottom of this scandal and I’m therefore setting up my own inquiry into this dreadful mess”.
And here are his own calls released Tuesday (spoiler: no bungalows):
1. Quantitive easing style debt pay off of government national debts across the European Union, including the UK, equivalent to the loss from the banking debt (this would leave sovereigns with structural debt to overcome), by broadening the reserve base of central banks.
2. The introduction of tiered risk for consumers:
‘Standard’ bank Accounts with no risk, ie a full taxpayer guarantee through government ‘investment’ accounts with small risk, but with lesser government guarantees on savings, including strict caps of percentage guarantees and absolute guarantees
‘High investment’ bank accounts with higher risk with no government guarantees.
3. A transparency and anti tax avoidance agreement with every UK crown dependency by 2015
4. A corporate visa for immigration, allowing companies to purchase bulk visa entry permits for employees, administered by the company to Home Office specifications, open to inspection , with criminal sanctions for companies that engage in visa fraud and significant bond guarantees for all breeches of visa conditions.
5. Vickers to be introduced by 2014 (rather than 2019) with a complete separation of the assets of retail banking from investment banking.
Additional proposals of micro importance to banks include:
6. Criminal sanctions at board level, including for non executive directors, for failure to act properly in financial matters.
7. The introduction of similar tiered risks on other financial products with any implied government guarantees (such as ISAs).
8. A dedicated standards officer to be appointed by every bank, employed by the bank, with full rights of access to data, with a legally defined role of upholding the banks agreed standards of propriety and behaviour, both set by the bank and required by regulators.
9. A new professional qualification of ‘compliance officer’ with agreed degree level competencies and job descriptors.