Bankers should be treated just like doctors and lawyers who fall short of their professional standards and be 'struck off' says Ed Miliband.
The Labour Party leader has backed the idea, which was first put forward in June last year by the cross-party Future of Banking Commission.
Ed Miliband has said that what really upsets people about the recent banking crisis was that no-one was held properly to account.
"Bankers say the era of remorse is over, but that's not good enough. I just don't think anything has really changed. There is a sense they just don't get it. This is nothing to do with the politics of envy. It is to do with the sense of real destruction caused by bankers, for which other people paid the price." He said.
The Independent Commission on Banking under Sir John Vickers is due to report tomorrow on the issue of making banks safer, which is expected to recommend the separation of retail and investment arms of banks. This should then prevent banks, as Vince Cable put it, using "…the deposits of British savers to play the banking equivalent of the roulette wheel".
With the TUC also calling for tougher regulation of banks and Vince Cable, the Business Secretary, warning the banks of sweeping reforms to come, the die looks set for UK bankers of the future to face firmer control.
Unless of course they can convince everyone that they must be given a free hand to ensure growth and employment (presumably for the banks and themselves primarily).