On November 17, 2014, the Treasury Committee published a report on the implementation of the recommendations of the Parliamentary Commission on Banking Standards (“PCBS”). The report assesses the progress made by the UK government to implement PCBS recommendations, and finds that, although some statutory recommendations have been implemented through the Financial Services (Banking Reform) Act 2013, details of some of those provisions are still  emerging. The report deals with issues such as individual responsibility, corporate governance, remuneration, competition and enforcement, and recognizes that a number of the most significant PCBS recommendations have also been implemented in non-statutory ways, such as the leverage ratio and the changes made to the existing Remuneration Code.

The report is available at:

http://www.parliament.uk/documents/commons-committees/treasury/PCBS_Report.pdf.