News Column

Independent body to report on behaviour: Financial services

May 20, 2014



Britain's biggest banks and building societies are to be subjected to a report on their behaviour each year by a new independent body that will assess progress on restoring the reputation of the financial services industry.

The banking standards review council, which will interview banks' non-executive directors each year, will initially be run by Sir Richard Lambert, former Financial Times editor and former chairman of the employers' body the CBI.

The Bank of England governor, Mark Carney, supported the creation of the body, which was suggested by the parliamentary commission on banking standards set up after Barclays' pounds 290m fine for Libor rigging. The standards body will not have powers to fine banks, but will derive clout from the publicity generated by annual updates on banks' behaviour. Jill Treanor



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Source: Guardian (UK)


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