imported>Doug Williamson |
imported>Doug Williamson |
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| (PCBS).
| | {{lowercase}}''Credit rating.'' |
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| === Terms of reference ===
| | 'pi' is an abbreviation for Public Information. |
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| The Parliamentary Commission on Banking Standards was established by the UK Parliament to:
| | A suffix added to a credit rating as a health warning to indicate that it is based on public information only. |
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| '''A.''' Consider and report on:
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| # Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.
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| # Lessons to be learned about:
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| ## Corporate governance.
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| ## Transparency.
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| ## Conflicts of interest.
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| ## Their implications for regulation and for UK Government policy.
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| '''B.''' Make recommendations for legislative and other action.
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| __NOTOC__
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| === Final report ===
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| The Commission's 2013 report was designed to address:
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| # Making the individual responsibility of senior bankers a reality.
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| # Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
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| # Creating better functioning and more diverse banking markets.
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| # Reinforcing regulators' responsibility to exercise judgement in deploying their powers.
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| # Specifying the responsibilities of the UK Government.
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| The Commission's report setting out its conclusions and recommendations can be downloaded here:
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| [[Media:PCBS report June 2013.pdf|PCBS final report June 2013]].
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| 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.
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| ====Note====
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| 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 Most Rev. and the Rt Hon. the Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT.
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| == See also == | | == See also == |
| * [[LIBOR]] | | * [[Credit rating]] |
| * [[Banking Standards Review]] | | * [[mmf]] |
| * [[MCT]] | | * [[Public information rating]] |
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| ====Other links====
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| [http://www.parliament.uk/bankingstandards UK Parliament: PCBS]
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| [[Category:Compliance_and_audit]] | | [[Category:Identify_and_assess_risks]] |
| [[Category:Ethics]] | | [[Category:Risk_frameworks]] |
| | [[Category:Treasury_operations_infrastructure]] |
