On June 19, the Parliamentary Commission on Banking Standards (PCBS) published a final report following its inquiry into professional standards and culture in the UK banking sector. The report, titled "Changing banking for good," recommends radical reforms designed to improve standards in the sector. The recommendations cover several areas including:
- reforming bank governance;
- replacing the existing approved persons regime;
- reinforcing the powers of regulators; and
- making individuals responsible for misconduct and poor financial performance.
The UK government will formally respond to the PCBS report in July and any implemented recommendations will likely be added to the Financial Services (Banking Reform) Bill 2013-14 currently going through parliament. Final Report.