Standards panel will use ombudsman data to monitor bank quality

Complaints-upheld data could mean trouble for major banks

Richard Lambert

The planned UK Banking Standards Review Council (BSRC), outlined in a report published today by Richard Lambert, would look at complaint data from the Financial Ombudsman Service to assess banks' internal culture and controls – a measure which could produce dramatic differences across the industry. Lambert, a former director-general of the Confederation of British Industry (CBI), was commissioned by the UK banking industry last year to look into setting up a new industry body responsibl