30 November 2012
I agree that the City of London Corporation should take a leading role in promoting best practice in the financial services industry and highlighting areas for improvement (Russell Lynch, Call for tough line on City, 30/11/12).
This is precisely why we spoke out over the recent Libor issue, where standards were below acceptable norms. It is also why the Lord Mayor held a debate on business ethics earlier this year and we hosted the launch of the Wheatley report at the Mansion House in late September. We firmly believe that anybody convicted of wrongdoing in the City should be held to account.
We have no powers of regulation – but we can, and do, actively encourage the City’s financial community to do business in the right way. The City Corporation is fully engaged in encouraging the industry to conduct its affairs appropriately, because a healthy, well-oiled financial services industry is of great benefit to the nation as a whole.
Mark Boleat, Policy Chairman, City of London Corporation, EC2