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Banks to get new watchdog in attempt to 'restore public trust'

A new watchdog will be set up to overlook the UK banking industry and "restore public trust" after scandals around Libor fixing and mis-selling of personal protection insurance. Recommendations will be announced in the Banking Standards Review.

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Banks pledge to deliver 'continuous improvement'

The UK's leading banks have voluntarily agreed to take part in a "programme of continuous improvement in culture, competence and customer outcomes" to be monitored by a new banking watchdog.

The Banking Standards Review Council (BSRC) will issue an annual report "setting out progress by the sector and individual banks", while each bank will report on its own performance.

The six banks and the building society which commissioned Sir Richard Lambert's review said:

The chairmen of Barclays, HSBC, Lloyds Banking Group, Nationwide, RBS, Santander and Standard Chartered welcome the publication of Sir Richard’s final report.

It confirms that there is a role for a new Banking Standards Review Council in restoring trust amongst customers and clients.

They accept his recommendations and undertake to implement them expeditiously.

Sir Richard has agreed with the banks to take on the role of interim chairman of the BSRC until a permanent chairman is appointed later this year.

A panel of respected figures from outside the banking industry, and chaired by Bank of England Governor Mark Carney, will appoint the new chairman.

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