21:48
Tieng Anh Vui
The former head of the Confederation of British Industry is to lead a new organisation that will monitor standards in the UK banking industry.
Sir Richard Lambert has been appointed by the banks but will act independently of them and not lobby on their behalf.
He will consult with government, regulators, banks and consumer groups to develop the new body.
Its creation was recommended in June in a report by the Parliamentary Commission on Banking Standards.
The appointment was announced in a statement by the chairmen of the five largest banks: Barclays, HSBC, Lloyds, Royal Bank of Scotland and Standard Chartered.
Sir Richard, CBI director general between 2006 and 2011, is also a former editor of the Financial Times and an ex-member of the Bank of England's interest rate-setting Monetary Policy Committee.
The reputation of the banks has been hit by scandals including the manipulation of the Libor interest rate and the mis-selling of payment protection insurance.
Sir Richard is expected to examine the need for new professional qualifications in the industry and consider how best to raise standards of behaviour and restore trust.
He said: "The new professional body 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 parliamentary commission on banking was set up by Chancellor George Osborne in 2012 to report on professional standards and culture of the sector.
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