The Parliamentary Commission on Banking Standards has reportedly recommended harsh penalties for bankers who will behave negligently in the future.

Emerging reports say that the penalties will include hefty fines and bans from the City as well as from being company directors.

The commission, which is chaired by Andrew Tyrie and consisted of MPs as well as external members like Justin Welby and former cabinet secretary Lord Turnbull, will officially unveil its report later this week.

The members of the commission have also expressed their discontent at the financial regulators’ inability to bring people responsible for the financial crisis to book.

The commission has reportedly also recommended some surprisingly radical measures to prevent another financial crisis as it has already declared that it is not shy of radical measures.

Meanwhile, City headhunter Anna Mann is busy in finding a successor to RBS Chief Executive Stephen Hester. But, Prime Minister last week said that the government had no plans for early selling of its stake in the Royal Bank of Scotland (RBS) as it wanted taxpayers to get their money back.