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
Donald Trump has reconfirmed his nation's commitment to securing peace in Afghanistan
Yvette Cooper has called on Twitter to 'get its act together', urging a crack down on hate speech.
An earthquake has hit the Italian resort island of Ischia, killing at least one person and trapping around six others.