The Crisis of Standards and Trust in banking - and it is a crisis - is multi-faceted and, so are the necessary remedies.

Asthe right hon. Member for Chichester (Mr Tyrie), the Chair of the Treasury Committee, put it at the Report stage of the Financial Services (Banking Reform) Bill in 2013 in this very Chamber: “The Crisis of Standards and Trust in banking - and it is a crisis - is multi-faceted, and so are the necessary remedies…In a nutshell, boards were negligent and the system of regulation was found seriously wanting the first time it was tested.