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Changing Banking for Good

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Changing Banking for Good House of Lords House of Commons Parliamentary Commission on Banking Standards Changing banking for good First Report of Session 2013–14 Volume VII: Oral and written evidence taken by Sub-Committees A and B 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-VII HC 175-VII* 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 as Commission Specialists: 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 Sub-Committee A: Panel on the consumer and SME experience of banks Oral evidence Wednesday 26 September 2012 Mike Dailly, Financial Services Consumer Panel, Christine Farnish, Chair, Consumer A Ev 1 Focus, and Peter Vicary-Smith, Chief Executive, Which? Matthew Fell, Director of Competitive Markets, Confederation of British Industry, Mike A Ev 10 Cherry, Policy Chairman, Federation of Small Businesses, Mike Spicer, Senior Policy Adviser, British Chambers of Commerce, and Andy Davis, Finance and Business Writer Abhishek Sachdev, Vedanta Hedging A Ev 19 Tuesday 16 October 2012 A Ev 28 RBS 1, Strategic Change and Support for Business and Commercial Banking Risk, Royal Bank of Scotland, RBS 2, Managing Director of Commercial Banking, RBS, BARCLAYS 1, Senior Business Manager, Barclays, BARCLAYS 2, Director, Barclays, LLOYDS 1, Senior Manager, Lloyds Banking Group, and LLOYDS 2, Regional Director, Lloyds Banking Group, RBS 3, Local Chief Executive Officer, Royal Bank of Scotland, RBS 4, Regional Director, A Ev 41 RBS, BARCLAYS 3, Branch Manager, Barclays, BARCLAYS 4, Regional Director, Barclays, LLOYDS 3, Branch Manager, Lloyds Banking Group, and LLOYDS 4, Regional Director, Lloyds Banking Group Steve Cooper, Chief Products and Segments Officer, Barclays, Martin Dodd, Customer A Ev 50 Services Director, Lloyds Banking Group, and Chris Sullivan, Head of Corporate Banking Division, Royal Bank of Scotland Written evidence 1 Barclays A Ev 65 2 Lloyds Banking Group A Ev 58 3 Royal Bank of Scotland A Ev 61 Changing banking for good Sub-Committee B: Panel on HBOS Oral evidence Tuesday 30 October 2012 Paul Moore, Head of Group Regulatory Risk, 2003– 2004, HBOS B Ev 1 Colin Matthew, CEO International, 2005– 2008, HBOS B Ev 12 Jo Dawson, Group Risk Director, 2005– 2006 and Group Executive Director Insurance & Investment Division 2006– 2008, HBOS B Ev 22 Monday 12 November 2012 Mike Ellis, Finance Director, 2001– 2004 and 2007–2008, HBOS, B Ev 31 Phil Hodkinson, Finance Director, 2005– 2006, HBOS B Ev 41 Peter Hickman, Group Risk Director, 2007– 2008. HBOS B Ev 51 Friday 16 November 2012 Lindsay Mackay, CEO Treasury, 2006– 2008, HBOS B Ev 60 B Ev 69 George Mitchell, CEO Corporate, 2001– 2006 and CEO Treasury, 2004– 2006 Monday 19 November 2012 Sir Charles Dunstone, Chair of Retail Risk Committee, 2006– 2008, HBOS B Ev 83 B Ev 93 Sir Ron Garrick, Deputy Chairman, SID and Chair of Corporate Risk Committee, 2006– 2008, HBOS Tuesday 20 November 2012 B Ev 104 Anthony Hobson, Chair of Audit Committee, 2001– 2008, HBOS Friday 23 November 2012 B Ev 115 Michael Foot, Managing Director, Deposit Takers & Markets Directorate, 1998– 2004, Financial Services Authority, David Strachan, Director, Major Retail Groups, 2006– 2008, Financial Services B Ev 123 Authority, and Clive Briault, Managing Director, Retail Markets, 2004– 2008 Financial Services Authority Changing banking for good Tuesday 27 November 2012 Peter Cummings, CEO Corporate, 2005– 2008, HBOS B Ev 135 Friday 30 November 2012 Financial Services Authority official B Ev 157 Witnesses who have given evidence to the main Commission in relation to the inquiry on HBOS are listed below. Transcripts of this oral evidence are available in Volume III of this Report. Monday 3 December 2012 Sir James Crosby, CEO, HBOS, 2001– 2006, and Andy Hornby, CEO, 2006– 2008 Ev 242 and CEO Retail and Chief Operating Officer, 2001– 2006, HBOS Tuesday 4 December 2012 Lord Stevenson, Chairman, 2001– 2008, HBOS Ev 275 Changing banking for good Written evidence Written Statements 1 Guy Bainbridge, Auditor, KPMG B Ev 170 2 Clive Briault, Managing Director, Retail Markets, 2004– 2008, FSA B Ev 174 3 Sir James Crosby, CEO, 2001– 2006, HBOS B Ev 180 4 Jo Dawson, Group Risk Director, 2005– 2006 and Group Executive Director Insurance & Investment Division, 2006– 2008, HBOS B Ev186 5 Sir Charles Dunstone, Chair of Retail Risk Committee, 2006– 2008, HBOS B Ev 197 6 Mike Ellis, Finance Director, 2001– 2004 and 2007– 2008, HBOS B Ev 200 7 Michael Foot, Managing Director, Deposit Takers & Markets Directorate, 1998– 2004, FSA B Ev 207 8 Sir Ron Garrick, Deputy Chairman, SID and Chair of Corporate Risk Committee, 2006– 2008, HBOS B Ev 210 9 Peter Hickman, Group Risk Director, 2007– 2008, HBOS B Ev 217 10 Anthony Hobson, Chair of Audit Committee, 2001– 2008, HBOS B Ev 223 11 Phil Hodkinson, Finance Director, 2005– 2006, HBOS B Ev 227 12 Paul Moore, Head of Group Regulatory Risk, 2003-2004, HBOS B Ev 251 13 Andy Hornby, CEO, 2006– 2008 and CEO Retail and Chief Operating Officer, 2001– 2006, HBOS B Ev 233 14 Lindsay Mackay, CEO Treasury,
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