Parliamentary Commission on Banking Standards

Richard Fuller Excerpts

Monday 16th July 2012 Commons Chamber

[Richard Fuller (Bedford) (Con)]

I rise briefly to welcome the motion and wish all the members of the Commission the best. I recognise the willingness that my hon. Friend the Member for Chichester (Mr Tyrie) has expressed for the Commission’s work to be forward-looking, and I understand that its role will not be to act as prosecutor. However, I give its members this piece of advice. They are doing the people’s work, and the people have an expectation of the review of the financial crisis and the financial services sector. They will not understand the work of the Commission unless this is accomplished: somebody has to go to jail.

Criminal prosecutions are an essential part of cleansing our financial services sector and moving us forward, to ensure that the City can reassert itself and its reputation not only in the eyes of the world but in the eyes of the British people. That is one of the most important requirements of the parliamentary inquiry, and I leave it to the Commission to consider that comment.