New watchdog to 'complement' banking regulators

The new banking watchdog will "complement the work of the regulators" in the sector but not look to "duplicate" their actions, founder and interim chairman Sir Richard Lambert has said.

After announcing his recommendations for the Banking Standards Review Council, he tweeted:

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The BSRC will complement the work of the regulators by focusing its efforts on identifying and championing good practice. #bankingstandards

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The BSRC should support and not duplicate the activities of the professional bodies, and should work with them in raising #bankingstandards

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.