The NAPF has responded to the Parliamentary Commission on Banking Standards suggesting that the banking industry needs to act to restore and protect its reputation and recover the trust of its customers and shareholders. The response also makes clear that while in some areas further regulatory intervention may be required – such as those proposed by the Independent Commission on Banking - it is not possible to legislate for a good culture; any reforms must not further usurp the role of boards, or of shareholders, thereby threatening the chain of accountability.

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