Responding to today’s report from the Banking Standards Review, Chris Cummings, Chief Executive of TheCityUK, said:
London’s globally competitive position has been secured by its reputation; partly as a well regulated, orderly market but more importantly by the probity of those who work here. Rebuilding the public’s trust and confidence in the banking sector is crucial to underpin that reputation. The Banking Standards Review’s new report sets out a course for that work which will complement the efforts already being made across the industry, and make it more transparent.
Achieving sustained, demonstrable change requires long-term partnership between government, regulators and firms. Given that a firm’s culture is set from the top, by the Board and senior management, Sir Richard Lambert is addressing the issues in the right way. We are also pleased that Governor Carney will play a leading role in establishing the Banking Standards Review Council by heading up the group that will hire its new Chairman.