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Brown promises to clean-up banks Brown promises to clean-up banks
(30 minutes later)
Gordon Brown has reiterated his call for a clean-up of the financial system to ensure what he called "banking responsibility" in the UK and abroad.Gordon Brown has reiterated his call for a clean-up of the financial system to ensure what he called "banking responsibility" in the UK and abroad.
He also repeated his promise of legal action to recover pension pay-outs negotiated by bosses of failed banks.He also repeated his promise of legal action to recover pension pay-outs negotiated by bosses of failed banks.
In a speech to Labour activists in Bristol, the prime minister said banks had lost sight of basic moral values.In a speech to Labour activists in Bristol, the prime minister said banks had lost sight of basic moral values.
He outlined his vision for a reformed banking system, and promised banks that would help families and small firms.He outlined his vision for a reformed banking system, and promised banks that would help families and small firms.
Mr Brown told members of Labour's National Policy Forum that there had been "the biggest collapse in the banking system that the world had ever seen".Mr Brown told members of Labour's National Policy Forum that there had been "the biggest collapse in the banking system that the world had ever seen".
We are exploring all the legal action necessary to recover pension payments from people who received too much Gordon Brown
He said: "Our task must be nothing less than to rebuild a financial system where it has failed, and then to create an economy in which banks are no longer serving themselves but are serving the public of this country."He said: "Our task must be nothing less than to rebuild a financial system where it has failed, and then to create an economy in which banks are no longer serving themselves but are serving the public of this country."
Mr Brown said that "somehow" the financial world had lost sight of ordinary people's values, such as fairness and hard work.Mr Brown said that "somehow" the financial world had lost sight of ordinary people's values, such as fairness and hard work.
"Some came to believe that we should sacrifice the value of being fair to that of laissez-faire," he said."Some came to believe that we should sacrifice the value of being fair to that of laissez-faire," he said.
"Some acted as though free markets could be value-free markets.""Some acted as though free markets could be value-free markets."
He said that "nudging and deregulating" banks towards better behaviour had not worked.He said that "nudging and deregulating" banks towards better behaviour had not worked.
"You need fair rules, rules that reward those that play by them and punish those who don't.""You need fair rules, rules that reward those that play by them and punish those who don't."
The prime minister also promised to help reform global banking practices, calling for banks to come under "international supervision" and pledging "no hiding place" for banks and firms who sought to evade the law.
'Unacceptable practices'
Mr Brown repeated his condemnation of bank chiefs like Royal Bank of Scotland boss Sir Fred Goodwin, who despite being widely blamed for leading their organisations to disaster, then retired with huge taxpayer-funded pensions.
But he made no mention of Tory accusations that his City minister Lord Myners should have known about Sir Fred's pension terms last year when RBS was being rescued.
He said: "Some of the practices now being discovered in our banks are not only unacceptable, they are indefensible and they have got to be cleaned up now.
"We are exploring all the legal action necessary to recover pension payments from people who received too much."