Parliamentary Commission on Banking Standards: Difference between revisions
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=== Terms of reference === | === Terms of reference === | ||
The Parliamentary Commission on Banking Standards was established by the UK | The Parliamentary Commission on Banking Standards was established by the UK parliament to: | ||
'''A.''' Consider and report on: | '''A.''' Consider and report on: | ||
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## Transparency. | ## Transparency. | ||
## Conflicts of interest. | ## Conflicts of interest. | ||
## Their implications for regulation and for UK | ## Their implications for regulation and for UK government policy. | ||
'''B.''' Make recommendations for legislative and other action. | '''B.''' Make recommendations for legislative and other action. | ||
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# Creating better functioning and more diverse banking markets. | # Creating better functioning and more diverse banking markets. | ||
# Reinforcing regulators' responsibility to exercise judgement in deploying their powers. | # Reinforcing regulators' responsibility to exercise judgement in deploying their powers. | ||
# Specifying the responsibilities of the UK | # Specifying the responsibilities of the UK government. | ||
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[[Media:PCBS report June 2013.pdf|PCBS final report June 2013]]. | [[Media:PCBS report June 2013.pdf|PCBS final report June 2013]]. | ||
Subsequently some of the Commission's proposals were incorporated into the Financial Services (Banking Reform) Act 2013. However a number of areas of concern remain to be implemented effectively. | Subsequently some of the Commission's proposals were incorporated into the Financial Services (Banking Reform) Act 2013. | ||
However a number of areas of concern remain to be implemented effectively. | |||
Revision as of 13:46, 22 November 2017
(PCBS).
Terms of reference
The Parliamentary Commission on Banking Standards was established by the UK parliament to:
A. Consider and report on:
- Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.
- Lessons to be learned about:
- Corporate governance.
- Transparency.
- Conflicts of interest.
- Their implications for regulation and for UK government policy.
B. Make recommendations for legislative and other action.
Final report
The Commission's 2013 report was designed to address:
- Making the individual responsibility of senior bankers a reality.
- Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
- Creating better functioning and more diverse banking markets.
- Reinforcing regulators' responsibility to exercise judgement in deploying their powers.
- Specifying the responsibilities of the UK government.
The Commission's report setting out its conclusions and recommendations can be downloaded here:
PCBS final report June 2013.
Subsequently some of the Commission's proposals were incorporated into the Financial Services (Banking Reform) Act 2013.
However a number of areas of concern remain to be implemented effectively.
Note
The Association of Corporate Treasurers gave both written and oral evidence to the Commission. Justin Welby, a member of the Commission, was Lord Bishop of Durham on his appointment and became the Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT.
See also
