UK Bank Standards Body Should Be Run by Non-Bankers-Review Head
A new standards body for British bankers should be led by people from outside the industry to establish its independence and credibility, the man tasked with setting it up said on Monday.
Britain's biggest banks pledged to set up the body last year after the industry was hit by scandals including the rigging of benchmark interest rates, breaches of anti-money laundering rules and the mis-selling of loan insurance and complex interest rate hedging products.
Richard Lambert, former director general of the Confederation of British Industry, said non-bankers should be appointed as chairman and chief executive of the organisation and most of its board should come from outside banking.
"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," he said in a consultation paper.
http://www.nytimes.com/reuters/2014/02/10/business/10reuters-britain-bank-standards.html?hp&_r=0
= new reply since forum marked as read
