UK Banking review turns its gaze within

The new ‘Independent Commission on Banking’ will be an insider job. Its task is to ensure that the financial crisis, which has had such huge effects on the UK, does not happen again.

But who is set to do the review? A series of insiders: they are very worthy, very knowledgeable and most impressive. But they are insiders all the same. We have bankers and more bankers, people who regulated banks and people who have written about those who regulate banks. But there is no consumer representative, no representative of manufacturing industry and no labour representative.

This is the governance of the insider. It may produce inner peace for the British Bankers Association, which has already welcomed it, but it is hard to see how it can deliver a banking system fit for society.