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The CBI commented on a consultation by the Banking Standards Review, led by Sir Richard Lambert.

Matthew Fell, CBI Director for Competitive Markets, said:

"Restoring trust in our banking system is fundamental to the future of the UK economy.

"With its emphasis on standards and ethics, Sir Richard’s review is an important piece of the jigsaw to help reinforce a culture change that puts the customer at the heart of everything banks do.

"Transparent reporting of performance is important so that banks don’t just sign up to these new standards, but live and breathe them.

"Good conduct and ethical behaviour should be important to future career mobility, so the transition to a professional body with individual membership is appealing."

Banking Standards Review consultation