The banking industry in the UK has come under increasing pressure from the public and the government in recent years.
Now, a consultation paper has been published on standards reform within banking, in which Sir Richard Lambert, the former director-general of the CBI, said a new standards body will offer a "canopy" for existing organisations to operate under.
Sir Richard is expected to highlight a number of mis-selling and fraud scandals in the UK to highlight the need for an "independent champion for better banking standards".
He added that the new organisation also needs to be run by non-bankers, while urging banking companies to focus on their customers.
Giving the industry three years to adopt his proposals, he said: "This has to have momentum. So it will fail if in two or three years' time nothing has happened and people were saying we'll just have to wait for these lot [of bankers] to die."
By Asim Shah