Osborne’s plan to criminalise some bankers who fail

■ Top bankers will face jail if they behave in a way that is judged to be “reckless” and results in their bank getting bailed out.

■ They will have to prove their innocence, showing they carefully considered their actions and mitigated the risks.

■ A new licensing regime will be introduced for senior bankers.

■ The regulators will be given flexibility to vary how long bankers have to wait to collect their bonuses, but they are unlikely to delay them for 10 years, the maximum suggested by the Banking Commission.

■ Staff in important positions will have to be approved by the regulator in a more comprehensive way than the existing setup, making it easier to ban bad bankers from the industry.

■ A new code of conduct is also envisaged to set stricter rules on how bankers should behave, varying across different roles.

■ The Bank of England’s prudential regulation authority will be given a mandate to promote competition

■ The new payments regulator will be told to carry out a cost-benefit analysis of account number portability, where customers can take account numbers with them when they change bank.

■ The new payments regulator will be told to carry out a cost-benefit analysis of account number portability, where customers can take account numbers with them when they change bank.