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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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New banking watchdog to 'restore public trust'

A new banking watchdog will be set up to "restore public trust" in the sector, according to the men behind it.

The Banking Standards Review was set up after the payment protection mis-selling and Libor fixing scandal. Credit: PA

The Banking Standards Review, conducted by Sir Richard Lambert, is expected to announce a series of measures designed to restore public faith in bankers.

Sir Richard said the new organisation also needed to be run by non-bankers and that banks needed to focus on their customers.

The report will not focus on bankers' pay or bonuses and will lack disciplinary powers.

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