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London, Britain © Toby Melville
Bankers who are found guilty of market rigging, fraud and irresponsible lending should be imprisoned, a member of the Scottish Parliament has said.

Scottish Government Cabinet Secretary Keith Brown said the UK should follow Iceland’s example of jailing corrupt financiers, rather than merely imposing fines, which is the current punishment for rogue bankers in Britain.

Speaking to the BBC on Thursday, Brown praised the actions of Iceland, which jailed its top banking chiefs for criminal behavior.
Iceland, which suffered a deep recession after the 2008 crash, set up a prosecuting team to investigate 21 alleged reports of illegal banking practice.

This resulted in the chiefs of Iceland’s three biggest banks – Glitnir, Kaupthing and Landsbanki – being convicted.

 

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