On October 17, Sir Richard Lambert, the leader of the proposed organization to monitor standards in the UK banking industry, gave a speech outlining his plans for the new body.

He proposed to include a wide range of stakeholders, including small businesses, consumers and employees, and he also indicated that the organization should not duplicate the role of the regulator, being instead in the business of ‘excellence’ rather than ‘discipline.’ He stated that, in order to give the organization credibility, the new body should have access to the banks’ boardrooms and should provide an annual public account of where it believes the industry can improve. Speech.