The SNP supports the creation of a robust regulatory framework to ensure that the UK economy is not vulnerable to a re-run of the 2008 financial crisis. The SNP will support measures including the reinstatement of the reverse burden of proof which, before being removed by the Tories, required senior bank managers to demonstrate they had done the right thing where wrongdoing had emerged on their watch. At Westminster we will call for protection for whistleblowers in the banking and financial services sector. We also support comprehensive investigation into LIBOR rigging.
To ensure that taxpayers get their money back, the SNP will press for the public interest to be fully protected in any future disposal of RBS shares, including decisions on how any windfall revenues should be used.
SNP MPs will press the UK government to compel the banking industry and LINK members to sign up to the Universal Cash Deposit Transaction, which means that ATMs which take deposits can be used by customers of any bank. This will protect convenient access to cash deposit and withdrawal facilities, for both the public and businesses.
We will also support the reversal of the reductions to the bank levy and the introduction of a tax on bankers’ bonuses.