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
The woman who was raped by Ched Evans has been forced to move house five times since being identified on Twitter, her father has said.
After ice and snow, a more dry and settled picture across the UK today - but it's still set to be chilly.
Drunks who become abusive in hospital A&Es should be arrested, a leading doctor has claimed.