This is as an important step towards improved regulation of the financial services sector, and I welcome its focus on good governance, accountability and responsibility.
I've always asserted that where there is wrongdoing it should be rooted out and punished. Equally we need the City to remain competitive, and this report provides a framework that strengthens standards and secures trust without destroying competition.
We should applaud the fact that the UK is leading the world on this, but we should be mindful of the need to bring other global financial centres with us on the journey toward better regulation - not light touch, not heavy handed, simply better.
More top news
French energy company gives final approval to nuclear site, in a move set to anger environmental campaigners but delight unions.
Brighter skies developing across northern Britain and Northern Ireland with some sunshine tomorrow but feeling cooler again.
iTunes customers urged to delete hoax emails that encourage people to hand over their account details.