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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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Lambert defends banking watchdog's lack of powers

The founder of the new banking watchdog has defended it against claims of being ineffective due to its lack of enforcement powers.

Sir Richard Lambert told ITV News the Banking Standards Review Council (BSRC) is "not a regulatory body" but will work alongside the "significant new legislation" that is cracking down on banking misconduct.

Sir Richard, the BSRC's interim chairman, said the body will work with banks to "track and report" their commitments to "good practice".

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