City of London lawyers have lined up to dismiss an amendment to the UK’s Banking Reform Bill – being debated in the House of Lords today – that seeks to land “reckless” bankers in jail, with one describing the measures as “hopeless” in their current form.

Included in the proposed set of rules for overhauling the UK's banking sector is a new offence of criminal "reckless misconduct in the management of a bank", which would come into effect should a senior banker's behaviour fall below what could be "reasonably expected" of him or her.