Banking regulation is unnecessary

Philip Booth appears on BBC World Service

Philip Booth appeared on BBC World Service to comment on the Banking Commission's Report

Mr Booth argued that regulation is not the best tool to deal with bad ethical behaviour within the banking system, evidenced by the amount of regulation currently in place which has not dealt with the problem. Mr Booth's suggestion was that bankers, or those who own banks, should be held financially accountable for their decisions and that ambuity over the definition of wreckless behaviour will make the possibility of imprisonment ineffectual. Mr Booth goes on to say that he agrees banker's bonuses should not be cut, and that deferral could be a solution if a bank fails after the bonus is given.

Listen to the full programme here. Segment begins at 33.41

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