Sir Richard Lambert, the former Financial Times editor and ex-director general of the Confederation of British Industry, is to chair a new professional body aimed at raising standards in the scandal-hit banking industry.
The request for his help came from the chairmen of Barclays, Lloyds Banking Group and other institutions who said in a statement it was vital to rebuild trust in the sector.
Lambert is to consult with regulators, consumers and others before submitting recommendations in the new year for the professional body. He said: "[It] will be independent of the banks and will cover all sectors of the industry. I hope it will be supported by all banks and building societies doing business in the UK."
The initiative, led by Barclays chairman Sir David Walker and supported by the bosses of RBS and Santander, follows demands from the Parliamentary Commission on Banking Standards in June for such a body to be established.
Lambert, who will stand down from an advisory role at Deutsche Bank, will examine the need for standardised skills and qualifications to be embedded across the banking sector while considering how to raise overall standards of behaviour.
The British Bankers' Association welcomed the new body. A spokesman said: "Sir Richard Lambert is an excellent choice to lead this extremely important work that will help to improve standards across the banking industry."
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