The UK Treasury Monday largely endorsed a series of reforms aimed at improving cultural standards in British banking, which centered on boosting competition and jailing reckless bankers.

In a policy paper the Treasury backed many of the recommendations made by a British parliamentary commission last month. In its 571-page report The Parliamentary Commission on Banking Standards called for tighter rules on pay, greater competition among British banks and more transparency on what activities executives are responsible for, a move that could make future regulatory punishments easier to hand down.