Commenting on the publication of the final report of the Parliamentary Commission on Banking Standards, Simon Lewis, chief executive at the Association for Financial Markets in Europe (AFME), said: “The report of the Parliamentary Commission on Banking Standards stresses the crucial role of banks in serving the needs of the real economy. This fundamental point must not be lost as these many and interlinked recommendations are considered.
“The report is an important addition to the series of initiatives since the financial crisis to ensure the stability of the financial system. Since 2008 the industry has introduced significant changes to compliance procedures, capital holdings and incentive structures, among others, while operating in a more active regulatory environment.
“This report adds another dimension to the post‐crisis response by assessing how we can improve standards in the banking industry, and the suggestions need careful thought. In our submission to the Commission’s work, we stressed that responsibility needs to be embedded at all levels within banks. The operational challenge, including how this applies to all banks with operations in London, should not be underestimated. A key element will be where the line is drawn between the obligations of those working in the banking sector and those in equivalent positions in other sectors.”