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Banking standards oversight body 'to promote integrity'

19 May 2014 Last updated at 12:40 BST

A new independent body will look to promote "integrity" within the banking sector, the former CBI chief Sir Richard Lambert has said.

The UK's main banks, including Barclays, HSBC, Lloyds, RBS, Santander, Standard Chartered and Nationwide, have agreed to report each year on their behaviour and competence.

A panel chaired by Bank of England governor Mark Carney will appoint the chairman of the new Banking Standards Review Council.

First broadcast on BBC Radio 4's Today programme on Monday 19 May.