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Plans for new banking standards oversight body revealed

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A new independent body to oversee banking standards could be in the offing under plans announced by former CBI chief Richard Lambert in his Banking Standards Review.

Under the proposals, banks would have to report each year on their behaviour and competence – a requirement which aims to rebuild consumer trust in the banking sector which has been damaged by a series of scandals in recent years.

Sir Richard said: “The objective is a measurable and continuous improvement in the conduct and culture of banks and building societies doing business in the UK.

“The credibility of the new body will be built on the independence of its board, and on widespread industry participation. Its first task will be to define standards of good conduct, and to help drive these into all business activities.”

Sir Richard, the former editor of the FT, was asked to set up the body by the chairmen on boards at HSBC, Barclays, RBS, Lloyds, Santander, Standard Chartered and Nationwide.

The new body would be funded by the banking industry.

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