Changing Banking for Good
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House of Lords House of Commons Changing banking for good Report of the Parliamentary Commission on Banking Standards Volume IV: Written evidence to the Commission HL Paper 27-IV HC 175-IV House of Lords House of Commons Parliamentary Commission on Banking Standards Changing banking for good First Report of Session 2013–14 Volume IV: Written evidence to the Commission Ordered by the House of Lords to be printed 12 June 2013 Ordered by the House of Commons to be printed 12 June 2013 HL Paper 27-IV HC 175-IV* Published June 2013 by authority of the House of Commons London: The Stationery Office Limited £0.00 Parliamentary Commission on Banking Standards The Parliamentary Commission on Banking Standards is appointed by both Houses of Parliament to consider and report on professional standards and culture of the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting process, lessons to be learned about corporate governance, transparency and conflicts of interest, and their implications for regulation and for Government policy and to make recommendations for legislative and other action. Current membership Mr Andrew Tyrie MP (Conservative, Chichester) (Chairman) Most Rev and Rt Hon the Archbishop of Canterbury (Non-Affiliated) Mark Garnier MP (Conservative, Wyre Forest) Baroness Kramer (Liberal Democrat) Rt Hon Lord Lawson of Blaby (Conservative) Mr Andrew Love MP (Labour/Co-operative, Edmonton) Rt Hon Pat McFadden MP (Labour, Wolverhampton South East) Rt Hon Lord McFall of Alcluith (Labour/Co-operative) John Thurso MP (Liberal Democrat, Caithness, Sutherland and Easter Ross) Lord Turnbull KCB CVO (Crossbench) Powers The Commission’s powers include the powers to require the submission of written evidence and documents, to examine witnesses, to meet at any time (except when Parliament is prorogued or dissolved), to adjourn from place to place, to appoint specialist advisers, and to make Reports to both Houses. A full list of the Commission’s powers is available in the House of Commons Votes and Proceedings of 16 July 2012 on page 266, and the House of Lords Minutes of Proceedings of 17 July 2012, Item 10. Publications The Reports and evidence of the Commission are published by The Stationery Office by Order of the House. All publications of the Commission (including press notices) are on the Internet at http://www.parliament.uk/bankingstandards. Commission staff The following parliamentary staff worked for the Commission: Colin Lee (Commons Clerk and Chief of Staff), Adam Mellows-Facer (Deputy Chief of Staff), Lydia Menzies (Second Clerk), Sian Woodward (Clerk), Richard McLean (Lords Clerk), Lucy Petrie (Second Clerk), Jay Sheth (Commission Specialist), Gavin Thompson (Commission Specialist), James Abbott (Media Officer), James Bowman (Senior Committee Assistant), Tony Catinella (Senior Committee Assistant), Claire Cozens (Senior Committee Assistant), Emma McIntosh (Senior Committee Assistant), Rebecca Burton (Committee Assistant), Katherine McCarthy (Committee Assistant), Daniel Moeller (Committee Assistant), Baris Tufekci (Committee Assistant), Ann Williams (PA to the Chief of Staff) and Danielle Nash (Committee Support Assistant). The following staff were seconded from outside of Parliament to work for the Commission: Philip Airey, Amélie Baudot, Paul Brione, Suvro Dutta, Oliver Gilman, Oonagh Harrison, Sadiq Javeri, Robert Law, Zoe Leung-Hubbard, Mayur Patel, Julia Rangasamy, John Sutherland, Greg Thwaites and Elizabeth Wilson. Contacts All correspondence should be addressed to the Clerks of the Parliamentary Commission on Banking Standards c/o the Treasury Select Committee, 7 Millbank, London SW1P 3JA. The telephone number for general enquiries is 020 7219 8773; the Commission’s email address is [email protected]. Volumes of this Report This Report is the Fifth Report of the Commission (and the First Report of Parliamentary Session 2013–14). It has nine volumes: Volume I: Summary, and Conclusions and recommendations Volume II: Chapters 1 to 11 and Annexes, together with formal minutes Volume III: Oral evidence taken by the Commission Volume IV: Written evidence to the Commission Volume V: Written evidence to the Commission Volume VI: Written evidence to the Commission Volume VII: Oral and written evidence taken by Sub-Committees A and B Volume VIII: Oral and written evidence taken by Sub-Committees C, D, E, F and G Volume IX: Oral and written evidence taken by Sub-Committees H, I, J and K Lists of witnesses who gave evidence and lists of people or organisations who submitted written evidence are given in the relevant volumes of the Report. *House of Commons Printing Numbers This Report is printed under House of Commons Printing number HC 175. It also incorporates papers ordered for printing in Session 2012–13 under the following House of Commons printing numbers: HC 606-i to –xl, HC 619-i to –ii, HC 705-i to –viii, HC 783-i, HC 706-i to –v, HC 821-i to –iii, HC 710-i to –ii, HC 784-i, HC 881-i to –v, HC 804-i to –ii, HC 860-i to –iv, HC 945-i Changing banking for good List of written evidence to the Commission Written evidence to the Commission is on pages Ev 736 to 1642, FR Ev 1 to 199, and TR Ev 1 to 27. Evidence pages Ev 736 to 1184 are contained in Volume IV of the Report. Evidence pages Ev 1185 to 1642 are contained in Volume V of the Report. Evidence pages FR Ev 1 to 199 and TR Ev 1 to 27 are contained in Volume VI of the Report. 1 Accord Ev 736 2 Advisory Board of the Institute of Risk Standards & Qualifications Ev 1237 3 Affinity Trade Union Ev 740 4 Association of British Insurers Ev 742 5 Association of Corporate Treasurers Ev 1501 6 Association of Financial Markets in Europe Ev 750 7 Bank of England Ev 795, 798, 1380, 1499, 1500, 1539, 1606, 1607 8 Barclays Ev 798, 809, 813, 1502, 1504 9 Bellord, Nicholas J Ev 815 10 Black, Professor Julia and Professor David Kershaw Ev 820 11 Board Intelligence Ev 834 12 Brash, Donald T, former Governor of the Reserve Bank of New Zealand Ev 837 13 British Bankers' Association Ev 840, 852, 864, 870, 872, 879, 880, 1504, 1505 14 British Chamber of Commerce Ev 881 15 British Standards Institute Ev 883 16 Budd, Sir Alan Ev 885 17 Budden, Jennifer Ev 887 18 Building Societies Association Ev 890 19 Burnley Savings and Loans Ev 896 20 Bush, Timothy Ev 899 21 Butler, Cormac Ev 907 22 Campaign for Community Banking Services Ev 912 23 Campaign for Regulation of Asset Based Finance Ev 1508 24 Capie, Forrest Ev 1511 25 Cassidy, Michael Ev 1513 26 CBI Ev 913, 1514 27 Centre for Research on Socio-Cultural Change Ev 667 28 CFA UK Ev 919 29 Chadha, Professor Jagjit Ev 925 30 Chancellor of the Exchequer Ev 1116 31 Chartered Banker Institute Ev 926, 1516, 1517 32 Chartered Institute for Personnel and Development Ev 933 33 Chartered Institute for Securities & Investment Ev 937 34 Chartered Institute of Internal Auditors Ev 942 35 Chartered Insurance Institute Ev 947 36 Christian Council for Monetary Justice Ev 955 37 Church of England Ev 956 38 Church of Scotland Ev 962 Changing banking for good 39 Citizen's Advice Ev 965 40 City of London Corporation Ev 973; 976 41 Clarke, Donald R Ev 979 42 Crow, Malcolm Ev 1520 43 Cruickshank, Sir Donald Ev 981, Ev 982 44 Dalton, Bruce Ev 1522 45 Dorn, Nicholas Ev 983 46 Duijsters , J Ev 989 47 Ecumenical Council for Corporate Responsibility Ev 992 48 FairPensions Ev 1003 49 Professor Stella Fearnley and Professor Shyam Sunder Ev 1633 50 Featherby, James Ev 1008 51 Federal Deposit Insurance Corporation Ev 1489 52 FIA European Principal Traders Association Ev 1011 53 Fidelity Worldwide Investment Ev 1016 54 Financial Conduct Authority Ev 1527 55 Financial Ombudsman Service Ev 1018 56 Financial Reporting Council Ev 1019 57 Financial Services Authority Ev 1037, 1045, 1052, 1054, 1055, 1059, 1060, 58 1061, 1063, 1065, 1066, 1249, 1474, 1530, 1532 59 Financial Services Authority and Royal Bank of Scotland Ev 1068 60 Financial Services Consumer Panel Ev 1024, 1069 61 Financial Services Practitioner Panel Ev 1029 62 Foxley, Ian Ev 1073 63 Fraser, Ian Ev 1077 64 French, Derek Ev 1079 65 Global Witness Ev 1081, Ev 800 66 Goldman Sachs International Ev 1085 67 Goodhart, Professor Charles A.E. Ev 1537 68 Greenham, Tony Ev 1473 69 Harries, C S Ev 1103 70 Harris , Professor Richard Ev 1540 71 Hawkins, I Ev 1104 72 Hermes Equity Ownership Services Ltd Ev 1109 73 Hill, Geoff Ev 1112 74 HSBC Ev 1117 75 Hussey, Simon Ev 1640 76 ICMA Group Zurich Ev 1126 77 IFS School of Finance Ev 1126, 1558 78 Institute of Business Ethics Ev 1129 79 Institute of Chartered Accountants in England and Wales Ev 1131, 1560 80 Institute of Operational Risk Ev 1135 81 Intellect Ev 1137 82 International Academy of Retail Banking Ev 1560 83 Investment Management Association Ev 1155 84 Ipsos MORI Ev 1163 85 Jeffares, Neil Ev 1168 Changing banking for good 86 Jenkins, Huw Ev 1564 87 Johansson, Jerker Ev 830 88 Johnson, Dr Timothy Ev 1172 89 Johnstone, C M Ev 1182 90 JP Morgan Chase & Co Ev 1565 91 Kelton, Erika A. Ev 1185 92 Law Society of England and Wales, and Association of Corporate Treasurers Ev 1572 93 Law Society of England and Wales Ev 1189 94 Leadsom MP, Andrea Ev 1198 95 Legal Services Board Ev1578 96 Liikanen, Erkki Ev 1204 97 Lilico, Andrew Ev 1205 98 Lindsey OBE, Ian W Ev 1208 99 Lloyds Banking Group Ev1216, 1226, 1227, 1581 100 London First Ev 1233 101 Makar, Mira Ev 1239 102 Mayes, Professor David G , University of Auckland Ev 1250 103 Mitchell QC, Gregory Ev 1582 104 Mitchell QC, Iain G.