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London - A new standards body for British bankers will be launched later this year, with a chairperson appointed by an independent panel led by Bank of England Governor Mark Carney.
Richard Lambert, a former director general of the Confederation of British Industry, who was tasked with setting the body up, said the Banking Standards Review Council (BSRC) would be a champion for better banking standards in the UK.
"Rebuilding confidence and trust in the banks is especially vital in the UK, because of the size of the banking system and the importance to the economy of London's role as an international capital market," Lambert said.
Britain's biggest banks pledged to set up the body last year after the industry was hit by scandals including the rigging of benchmark interest rates, breaches of anti-money laundering rules and the mis-selling of loan insurance and complex interest rate hedging products.
Lambert was asked to set up the standards body by the chairman of Britain's five biggest banks - HSBC, Barclays, Lloyds Banking Group, Royal Bank of Scotland and Santander - and its biggest customer-owned lender, Nationwide.
Bank of England Governor Mark Carney will chair a "panel of respected figures" from outside the industry set up to appoint a chair of the council and to ratify the appointment of its chief executive.
"I encourage all banks that operate in the UK, both domestic and foreign to support this endeavour," he said.
Lambert will serve as interim chair.
