CPIH and Parliamentary Commission on Banking Standards: Difference between pages
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(PCBS). | |||
=== Terms of reference === | |||
The Parliamentary Commission on Banking Standards was established by the UK Parliament to: | |||
'''A.''' Consider and report on: | |||
# Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal. | |||
# Lessons to be learned about: | |||
## Corporate governance. | |||
## Transparency. | |||
## Conflicts of interest. | |||
## Their implications for regulation and for UK Government policy. | |||
'''B.''' Make recommendations for legislative and other action. | |||
__NOTOC__ | |||
== | === Final report === | ||
The Commission's 2013 report was designed to address: | |||
[[Category: | # Making the individual responsibility of senior bankers a reality. | ||
# Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards. | |||
# Creating better functioning and more diverse banking markets. | |||
# Reinforcing regulators' responsibility to exercise judgement in deploying their powers. | |||
# Specifying the responsibilities of the UK Government. | |||
The Commission's report setting out its conclusions and recommendations can be downloaded here: | |||
[[Media:PCBS report June 2013.pdf|PCBS final report June 2013]]. | |||
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. | |||
====Note==== | |||
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 Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT. | |||
== See also == | |||
* [[LIBOR]] | |||
* [[Banking Standards Review]] | |||
* [[MCT]] | |||
====Other links==== | |||
[http://www.parliament.uk/bankingstandards UK Parliament: PCBS] | |||
[[Category:Compliance_and_audit]] | |||
[[Category:Ethics]] | |||
Revision as of 12:43, 19 January 2016
(PCBS).
Terms of reference
The Parliamentary Commission on Banking Standards was established by the UK Parliament to:
A. Consider and report on:
- Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.
- Lessons to be learned about:
- Corporate governance.
- Transparency.
- Conflicts of interest.
- Their implications for regulation and for UK Government policy.
B. Make recommendations for legislative and other action.
Final report
The Commission's 2013 report was designed to address:
- Making the individual responsibility of senior bankers a reality.
- Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
- Creating better functioning and more diverse banking markets.
- Reinforcing regulators' responsibility to exercise judgement in deploying their powers.
- Specifying the responsibilities of the UK Government.
The Commission's report setting out its conclusions and recommendations can be downloaded here:
PCBS final report June 2013.
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.
Note
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 Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT.
See also
