This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-24170812

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
Richard Lambert, ex-CBI chief, to lead UK banking standards body Richard Lambert, ex-CBI chief, to lead UK banking standards body
(about 1 hour later)
The former head of the Confederation of British Industry is to lead a new organisation that will monitor standards in the UK banking industry. The former head of the business lobby group the CBI, Sir Richard Lambert, is to lead a new organisation monitoring standards in the UK banking industry.
Sir Richard Lambert has been appointed by the banks but will act independently of them and not lobby on their behalf. Sir Richard has been appointed by the banks but will act independently of them and not lobby on their behalf.
He will consult with government, regulators, banks and consumer groups to develop the new body. He will consult government, regulators, banks and consumer groups to develop the new body.
Its creation was recommended in June in a report by the Parliamentary Commission on Banking Standards.Its creation was recommended in June in a report by the Parliamentary Commission on Banking Standards.
The appointment was announced in a statement by the chairmen of the five largest banks: Barclays, HSBC, Lloyds, Royal Bank of Scotland and Standard Chartered. The appointment was announced in a joint statement by the chairmen of the five largest UK banks: Barclays, HSBC, Lloyds, Royal Bank of Scotland (RBS) and Standard Chartered.
Sir Richard, CBI director general between 2006 and 2011, is also a former editor of the Financial Times and an ex-member of the Bank of England's interest rate-setting Monetary Policy Committee.Sir Richard, CBI director general between 2006 and 2011, is also a former editor of the Financial Times and an ex-member of the Bank of England's interest rate-setting Monetary Policy Committee.
'Independent of banks'
The reputation of the banks has been hit by scandals including the manipulation of the Libor interest rate and the mis-selling of payment protection insurance.The reputation of the banks has been hit by scandals including the manipulation of the Libor interest rate and the mis-selling of payment protection insurance.
Sir Richard is expected to examine the need for new professional qualifications in the industry and consider how best to raise standards of behaviour and restore trust. Sir Richard is expected to examine the need for new professional qualifications in the industry and consider how to raise standards of behaviour and restore trust.
He said: "The new professional body will be independent of the banks, and will cover all sectors of the industry. I hope it will be supported by all banks and building societies doing business in the UK."He said: "The new professional body will be independent of the banks, and will cover all sectors of the industry. I hope it will be supported by all banks and building societies doing business in the UK."
The parliamentary commission on banking was set up by Chancellor George Osborne in 2012 to report on professional standards and culture of the sector. The Parliamentary Commission on Banking Standards was set up by Chancellor George Osborne in 2012 to report on professional standards and the culture of the sector.
Current CBI director general John Cridland welcomed Sir Richard's appointment, saying that restoring trust in the banking system was "absolutely fundamental to the future of the UK economy".
"[Richard's] breadth of experience and fearless independence are exactly the attributes needed to address the cultural and professional challenges which parts of the banking sector face," he said.