In its evidence to the Commission the Panel called for a new ethical code for bank directors backed up by criminal sanctions.
Mike Dailly, chair of the Consumer Panel Working Group, said: “We welcome the publication of the Commission’s report and support its recommendations aimed at improving the behaviour of bankers.
“Bankers in key positions need to have the same high professional standards as other professions such as doctors and solicitors given the devastating impact their recklessness can cause.
“We are delighted that our call for tougher professional standards has been endorsed with the suggestion of a new Senior Person Regime and a new set of Banking Standards Rules.
“Individuals are all too visible when bonus payments are handed out. They also need to be accountable when things go wrong through excessive risk taking.”
Dailly added that the recent history of banking failures demonstrates how directors have all too easily sidestepped any personal responsibility for their actions.
He said: “We agree with the Commission that new standards of conduct will not be effective unless they are backed by criminal sanctions.
“We welcome the suggested new criminal offence of reckless misconduct in the management of a bank.
“Bankers must understand that the high levels of remuneration come with high levels of responsibility.
“All banking executives should demonstrate the highest levels of professional and ethical standards in line with their pay and status.
“Where these standards are not met they, like those in comparable professions, should feel the full weight of the law.”
