DISGRACED lender Barclays has called for a new industry body to be formed with the power to ban rogue bankers in the wake of the rate rigging scandal, it has emerged.
Barclays has suggested that bankers in key parts of the industry should be made to sign a public register from which they could be struck off, according to Sky News, which has seen a Barclays’ submission to the Parliamentary Commission on Banking Standards.
The register would be overseen by a new body called the Chartered Institute of Bankers, which would have the power to discipline or even ban any that breach codes of conduct.
Top bankers can currently be fined or banned by the FSA, but the proposals would extend to a much wider proportion of the industry. The bank, which has recently appointed Antony Jenkins as its new chief executive after Bob Diamond was forced to step down following the Libor-fixing affair, said the body would “promote and develop professional standards across the industry“.
The commission was set up in the wake of the Libor scandal by Prime Minister David Cameron to look at ways of restoring public trust.