The Parliamentary Commission on Banking Standards was established in July 2012, in the wake of the LIBOR scandal, the report Changing Banking For Good (HL 27-I, HC 175-I) is the result of their inquiry into professional standards and culture in the UK banking sector, and makes recommendations for legislative and other action. Key recommendations include: a new Senior Persons Regime, replacing the Approved Persons Regime, to ensure that the most important responsibilities within banks are assigned to specific, senior individuals so they can be held fully accountable for their decisions and the standards of their banks in these areas; a new licensing regime underpinned by Banking Standards Rules to ensure those who can do serious harm are subject to the full range of enforcement powers; a new criminal offence for Senior Persons of reckless misconduct in the management of a bank, carrying a custodial sentence;
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