A Treasury spokesman said the report was a "very impressive piece of work".
There are many recommendations in it which will help the Government's plan to create a stronger and safer banking system.
This comprehensive report, produced in less than a year, vindicates the judgment that a parliamentary commission would be swifter and more appropriate than a lengthy public inquiry that others proposed at the time.
He said the Government will support legislation where it is needed, and will amend the Banking Bill currently before Parliament to ensure changes are quickly enacted.
The Government publicly welcomes the Commission's recommendations on increased personal responsibility, especially at a senior level, increased professional judgment by regulators, and better functioning markets.
We will now get on with a swift response and will report before the summer recess.
More top news
A man has 'potentially life-changing injuries' after acid was thrown over him after a screening of the movie Straight Outta Compton.
A leading sexual health clinic has apologised after mistakenly sharing the HIV positive status of hundreds of patients in an email.
Skeletons unearthed in a mass grave in Durham are the remains of Scottish prisoners of war, experts have found.