Banks would have to report each year on their behaviour and competence under proposals for an independent body to oversee the industry. The proposals, set out by former CBI chief Sir Richard Lambert, would also assess training programmes for bankers. The new body would be funded by the banking industry. But Sir Richard, in his Banking Standards Review, said that it was important that the body was not seen as a mere lobby group for the banks. Sir Richard, former editor of the Financial Times, was asked to set up the body by the chairmen of Barclays, HSBC, Lloyds, Royal Bank of Scotland, Santander, Standard Chartered and Nationwide.

'Public scepticism'

The aim is that the body would act as an independent champion for better banking standards, and help rebuild trust and confidence in a sector that has been hurt by scandals in recent years..........Read more here