The new banking sector watchdog will not be allowed to use any political connections it has to influence Government policy, it has emerged.
Other recommendations expected are:
- The watchdog will be funded by the banks, but will be independent.
- It will look at the behaviour of banks eg. around issues of how they incentivise staff to sell products.
- Membership is voluntary.
- The report is expected to cover all banking but will not make any recommendations about bank structure.
More top news
The Duke and Duchess of Cambridge met young people who have battled mental health issues on Saturday.
Former Chancellor Lord Geoffrey Howe was Margaret Thatcher's longest-serving Cabinet minister, also taking on the role of Foreign Secretary.
Lord Geoffrey Howe is known by many for his resignation speech which was seen as the catalyst which destroyed Margaret Thatcher.