TheCityUK, comments on Sir Richard Lambert's Paper on the creation of a Commission on Banking Standards

Chris Cummings, Chief Executive, TheCityUK

We welcome the Banking Standards Review's consultation on how the new standard setting body, tasked with raising standards in banking, should operate. The Review's consultation asks a number of highly relevant questions including what the scope of the new body should be. It represents the next step towards the creation of a clear framework for the implementation of new standards in banking and for generating long term confidence in the sector.

Making sure that standards of behaviour improve across the financial and related professional services industry remains a key priority for all its participants. Given that the financial and related professional services industry employs over 2m people, Richard's proposal to restrict prime membership to banks and building societies rather than individuals is a sensible one.

We look forward to working with our industry and with Richard in developing standard metrics for benchmarking behaviour in the banking industry. It is important that the critical work of Sir Richard and that the Banking Standards Review is supported by as many of our banking institutions as possible.