The British Bankers' Association (BBA) has proposed radical changes to strengthen ethical and professional standards in the banking industry.
Under the plans, formulated by a taskforce that included a number of major UK banks, the BBA wants an independent body, the Banking Standards Review Council, to oversee the professional conduct by financial service institutions such as banks.
All employees would be required to adhere to a revised strict code of conduct, with the council potentially holding the power to strike off any members who flaunt the rules.
Anthony Browne, the BBA's chief executive, is due to appear before the Parliamentary Commission next Monday to discuss further details of the proposals.
"The BBA, and the industry as a whole, is determined to play a constructive role in raising standards," he said.
The plans follow a series of scandals to hit the banking sector such as the miss-selling of payment protection insurance (PPI) and the alleged manipulation of inter-bank lending rates.
Find the best bank account for you - compare bank accounts
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.