Parliamentary Commission on Banking Standards: changing banking for good
In June 2012, as a result of the LIBOR scandal, the UK chancellor of the exchequer established the arliamentary Commission on Banking Standards (PCBS) in order to conduct an inquiry into the professional standards and culture within the UK banking sector and make recommendations for legislative and other actions.
Over the course of 11 months, the PCBS held 40 public sessions, received copious amounts of written evidence and published five reports totalling almost 1,500 pages. The fifth and final report was published on 19 June 2013 and totals almost 600 pages. For UK banks (and in particular their senior management), the report makes harrowing reading: it makes recommendations on a diverse range of topics including competition, individual responsibility and accountability, bank governance, remuneration, regulatory approach, sanctions on those working within the industry and the direction of the future of the partly nationalised UK banks.
These recommendations are likely to stimulate yet more (and tougher) UK regulations, and in a number of respects go well beyond international and European standards…
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