UK bank lobby group backs body to monitor standards

LONDON, Jan 14 (Reuters) - Britain should create a newindependent body to monitor standards at its banks and impose anew code of conduct for the industry, the British BankersAssociation (BBA) said. In its submission to an inquiry by lawmakers into standardswithin the industry, the lobby group advocated the creation of aBanking Standards Review Council (BSRC) to monitor and upholdethical and professional standards. It also called for more bankers to require approval to workin the industry from Britain's financial regulator, includingsome of those involved in dealing with the public. "It is clear this is not a simple problem with a simplesolution, but rather there are a number of reforms that need tobe made," BBA Chief Executive Anthony Browne said in a letter toAndrew Tyrie, chairman of the Parliamentary Commission onBanking Standards. The commission was set up to scrutinise the industry andexamine proposals for reform following a raft of scandalsincluding the rigging of interest rates. It has already recommended that banks should face the threatof being broken up if standards slip.