BLP partners Sidney Myers, Lisa Mayhew, Nathan Willmott and Andrew Hockley share their thoughts on the final report of the Parliamentary Commission on Banking Standards. The report recommends greater personal accountability for senior bankers, higher fines and tougher enforcement penalties against individuals and banks, as well as a new criminal offence of "reckless misconduct in the management of a bank". Other key themes include increasing competition in the banking sector, improving gender diversity on the trading floor and the need to facilitate whistleblowing by bank staff who become aware of misconduct by others.
Sidney, Lisa, Nathan and Andrew explore some of the main recommendations in the report and analyse the feasibility of the key proposals in the context of regulatory enforcement, competition and HR. They also consider the next steps for the banking industry and why it is essential that the Commission’s proposals are implemented in a workable manner.
1. Introduction (11:48 mins)
2. Increasing Personal Accountability (10:17mins)
3. Enforcement (6:33mins)
4. Competition (5:51mins)
5. Whistleblowing (12:12mins)
6. Gender Diversity (4:13mins)
7. Concluding thoughts and next steps (3:33mins)