LONDON (Reuters) - Richard Lambert, the former director general of the Confederation of British Industry, has been appointed by Britain’s biggest banks to set up a new independent body monitoring standards within the industry.
Lambert will design and chair the organisation, which will be independent of the industry and will not lobby on behalf of banks, the chairmen of Barclays, HSBC, Lloyds, Royal Bank of Scotland, Santander and Standard Chartered said in a joint statement.
“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,” Lambert said on Thursday.
The creation of the new body follows a recommendation in June by the Parliamentary Commission on Banking Standards, a group of lawmakers tasked with making proposals for reform of the industry.
The chairmen of the banks said Lambert had been asked to consult with government, regulators, banks, employees and consumer groups to develop the new body.
He will examine the need for new professional qualifications within the industry and consider how best to raise overall standards of behaviour. He will also liaise with Britain’s financial regulator as it undertakes a review of its Approved Persons Regime, they said.
The chairmen said Lambert had been asked to submit his recommendations next year.
Reporting by Matt Scuffham; Editing by Steve Slater