Full of sound and fury - but what does the PCBS report signify?

The Parliamentary Commission on Banking Standards' report 'Changing banking for good', was meant to trigger a major review by the Government and the financial services supervisors of how the industry is regulated. Yet Adam Samuel isn't convinced that where there's a way there's a will.

Adam Samuel BA LLM DipPFS MCISI FCIArb Certs CII (MP&ER) Barrister and Attorney may be contacted at adamsamuel@aol.com. His book, 'Complaints and Compensation: a Guide to the Financial Services Market', is available from his website, www.adamsamuel.com.

The response to the PCBS report, published in June, was immediate. The Government issued Cm 8661, an almost over-enthusiastic response to the commission's key recommendations. Then, in October, it announced a series of proposed amendments to the Financial Services (Banking Reform) Bill to implement a number of the recommendations, notably on the senior persons, approved persons and licensees areas. In the same month, both the Financial Conduct Authority and Prudential Regulation Authority produced their responses to go with the Government's commentary on the Bill amendments.