On 19 May 2014, the report of the Banking Standards Review, led by Sir Richard Lambert, was published. The report follows a request by seven UK banks (Barclays, HSBC, Lloyds Banking Group, Nationwide, Royal Bank of Scotland, Santander and Standard Chartered) for recommendations for a professional body to promote high standards in the banking industry. The key recommendation of  the report is that a Banking Standards Review Council (“BSRC”) should be set up through the appointment of an independent panel as soon as possible, for the appointment of a Chairman and Chief Executive. Further next steps include the development of a detailed business plan and agreement on subscription levels for different types of institutions. It is intended that the BSRC would aide the improvement in behavior of all banks and building societies doing business in the UK by, amongst other things, requiring the participating institutions to commit to an improvement programme on which they would publicly report on their performance annually, setting standards of good practice and developing a single principles-based code of practice which aligns with the high-level principles currently being considered by the UK regulators.

The report is available at:

http://www.bankingstandardsreview.org.uk/assets/docs/may2014report.pdf.