Lord McFall has questions Sir John Vickers on the Government’s proposals for financial reform, raising the need for improved corporate governance and risk management, and the need to focus on culture and ethics in the banking sector.
Speaking in the Joint Committee on the Draft Financial Services Bill – which brings together MPs and Peers to discuss the Government’s proposed changes to the financial regulation system – Lord McFall said,
“Looking at the crisis in the past few years, two issues came to the fore: the lack of corporate governance on boards and the attitude to risk. For example, in HBOS it was excessive risk; in the case of RBS it was lack of corporate governance. (…)
“At the last general election a report came out from the Future of Banking Commission on which I, David Davis, Vince Cable and Clare Spottiswoode served. We focused on the issue of culture, being behaviour, ethics and the resolution of conflicts of interest. Is that an issue that should be on the agenda, because there was not much reference to it in your report? (…)”
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