Sales commission ban proposed for bank employees
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A ban on commission for front line employees and more transparency among credit rating agencies are two of the recommendations of a new report on banking reform.
The report is by the Future Banking Commission, a group comprising business secretary Vince Cable, former Treasury Select Committee chairman John McFall, Capital Economics managing director Roger Bootle and Which? chairman Peter Vicary-Smith. It is chaired by Tory MP David Davis.
The FBC presented a number of its findings to chancellor George Osborne last week.
Davis says: “The objective of our commission is to minimise conflicts of interest and limit the liability of taxpayers.”
But the British Bankers’ Association says: “Industry initiatives already underway point towards better ways of tacking problems.”
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