The governor of the Bank of England is poised to announce a new City body charged with "promoting industry standards in financial markets" with Allianz Global Investors boss Elizabeth Corley at the helm.
The new body is being formed as a result of George Osborne's market review which kicked-off last year following a string of financial scandals, and will be unveiled by Mark Carney during his Mansion House speech on Wednesday, Sky News reports citing unnamed sources.
“I am going to deal with abuses, tackle the unacceptable behaviour of the few and ensure that markets are fair for the many who depend on them,” said George Osborne last year about the Fair and Effective Markets Review (FEMR).
Corley, a former boss of the CBI, has been involved in the review which is a government-led inquiry with involvement from city regulator, the FCA and the Bank of England, and will chair the Fixed Income Markets Standards Board (FMSB) on an interim basis, according to the report.
The full findings of the market review will be published on Wednesday. "It is going to say some quite significant things about what the scope of regulation should be for asset classes that historically have not been heavily regulated," said FCA chief Martin Wheatley speaking to Reuters.
The City continues to be rocked by massive fines over scandals involving Libor and currency trading.
The Bank of England has not commented.