Dame Collette Bowe, the head of the new Banking Standards Board has given an interview to the Independent in which she outlines her thoughts in relation to how trust could be restored in the banking sector.

Dame Colette, whose previous roles include regulating products such as life insurance and broadband, is not sure if culture improves just because punishments become greater: “There are limits to regulation, to how far you can try to force conduct down certain channels.  In the end, people have got to say: OK I get it, this is how we are going to do it.”

One of the ideas mooted is that of professional certification within the banking industry: “I think it is perfectly possible to establish a more widely accepted concept of professionalism in banking while acknowledging that people in different parts of the industry do different things. It is going to be an early area of focus for us.”