New banking standards body to be set up by former CBI director

Oliver Smith
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RICHARD Lambert, former director general of the Confederation of British Industry, was appointed by Britain’s biggest banks to set up a new independent banking standards body yesterday.

The body will be independent from the banking industry. The move follows a recommendation in June by the Parliamentary Commission on Banking Standards, a group tasked with making proposals for reform of the industry.

Lambert will examine how best to raise overall standards of banking behaviour.