Interim chairman lists aims of new banking watchdog

The founder and interim chairman of the Banking Standards Review Council, Sir Richard Lambert, has outlined the main objectives of the new watchdog body.

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New #bankingstandards body will contribute to continuous improvement in the behaviour and competence of banks & building socs in the UK

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New #bankingstandards body will act as an independent champion of better banking standards in the UK http://t.co/JKOC9IVLtI

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New #bankingstandards body will be driven by the interests of customers and those with a concern for the well-being of the UK banking system

Read: Banks pledge to deliver 'continuous improvement' in culture

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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.