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Economy

xchrom

(108,903 posts)

21. New UK banking standards body to be launched this year

Reply to Tansy_Gold (Original post)

Mon May 19, 2014, 08:39 AM

May 2014

http://uk.reuters.com/article/2014/05/19/uk-britain-banks-standards-idUKKBN0DZ0DC20140519

(Reuters) - A new standards body for British bankers will be launched this year, with a chairman appointed by an independent panel led by Bank of England Governor Mark Carney.

Richard Lambert, a former director general of the Confederation of British Industry, who was tasked with setting the body up, said the Banking Standards Review Council (BSRC) would be a champion for better banking standards in the UK.

"Rebuilding confidence and trust in the banks is especially vital in the UK, because of the size of the banking system and the importance to the economy of London’s role as an international capital market," Lambert 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.

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