Tyrie: bank reform legislation now 'virtually useless'

The Telegraph reports Tyrie, chairman of the Parliamentary Commission on Banking Standards, said the legislation presented to parliament on Monday designed to "electrify" the ringfence between retail and investment banks was "so weak as to be virtually useless". He made the comments after the Treasury's announcement that it is ready to adopt the majority of his commission's proposals, including ensuring reckless bankers face jail and 100% clawback on their bonuses. Chancellor George Osborne said the government would implement the commission's main proposals and pledged to change legislat...