Britain needs a "radical" overhaul of its scandal-hit banks, with reckless bankers facing jail and bonuses deferred for up to ten years, a government commission set up after the Libor scandal proposed in a final report on Wednesday. The Parliamentary Commission on Banking Standards, which is mostly composed of lawmakers, concluded that senior bankers must be made personally responsible for malpractice -- with a new criminal offence of reckless misconduct that carries a prison sentence.

By Jed Horowitz and Suzanne Barlyn NEW YORK (Reuters) - A group that develops standards for financial planners publicly admonished its former chairman on Tuesday for ethics violations related to how he characterized his fees. The Certified Financial Planner Board of Standards said that Alan Goldfarb, a Texas-based planner, misrepresented his compensation as "fee-only" when, in fact, he worked for and "partly" owned a firm whose advisers were permitted to collect commissions and ongoing 12b-1 fees for marketing mutual funds.

Leaders of the G8 major economies struck a deal Tuesday to crack down on the "scourge" of illegal tax evasion and fight corporate tax avoidance that rob government coffers of billions. As countries across the world labour to cut deficits with deeply unpopular austerity measures, the G8 leaders signalled a radical change towards automatically exchanging tax data in a bid to ferret out cheats.

TORONTO - Net assets under management by the Canadian mutual funds industry rose month over month to $920.5 billion in May, the Investment Funds Institute of Canada reported Tuesday. IFIC says net sales last month totalled $3.85 billion, a figure that included net sales of long-term funds of $4.06 billion and net redemptions of money market funds of $207.2 million.