Britain’s biggest banks have named Richard Lambert, former head of the Confederation of British Industry, to run a group to oversee industry standards.
Lambert, 68, has been asked to design an independent body for banking standards, which won’t lobby on the industry’s behalf, the chairmen said in a joint statement. The banks include Barclays Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, Royal Bank of Scotland Group Plc, Santander U.K. Plc and Standard Chartered Plc.
The Parliamentary Commission on Banking Standards, assigned by the government to investigate industry failures, recommended in a June report that the banks create an independent body to maintain standards. Banks have been hit by scandals including the rigging of benchmark interest rates, the improper selling of loan insurance as well as money laundering.
“The new professional body will be independent of the banks, and will cover all sectors of the industry,” Lambert said in the statement. “I hope it will be supported by all banks and building societies doing business in the U.K.”