In the wake of the LIBOR scandal, a Parliamentary Commission on
Banking Standards was created to conduct an inquiry into
professional standards and culture in the UK banking sector and to
make recommendations for legislative and other action.
The Commission's June 2013 Final Report 'Changing
Banking for Good' was scathing, with the Chairman commenting
that: "trust in banking has fallen to a new low" and
"a lack of personal responsibility has been commonplace
throughout the industry. Senior figures have continued to shelter
behind an accountability firewall".
Key recommendations included:
-
A new Senior Persons Regime, replacing the Approved Persons
Regime
-
A new licensing regime underpinned by Banking Standards Rules to
ensure those who can do serious harm are subject to the full range
of enforcement powers
