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New body to enforce code of conduct

The Government should introduce a formal code of conduct for the banking sector to be enforced by a new professional standards body.

The Which? Future of Banking Commission this week called for the development of a good financial practice code, with compulsory training in ethical behaviour and conflicts of interest before bankers are able to fully practice.

It recommends that this code should be devised and enforced by a new professional standards body along the lines of the General Medical Council.

The report also calls for res-tructuring of banks so that if one does fail, it does not damage customers or the economy, regulation that increases competition among banks and rewards for senior executives based on long-term business performance and shareholder return.

Commission chairman David Davis says: “We have made recommendations to minimise the conflicts of interest inherent in banking and to limit the liability of the taxpayer and thereby reduce the risk to the economy.

“We also propose a structure and regulatory regime that is designed to entrench a stable and competitive banking sector for the long term.”

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