UK retail are taking steps towards a clearer stance as they sign up for new regulations drawn up by the British Bankers Association (BBA).
The new rules, to be overseen by the FSA, are being signed up for by seven of the largest UK banks including Barclays, Lloyds, HSBC and RBS.
They will be the first retail banks in the world to sign up for the new policy which was discussed at the last G20 meeting.
The rules are set to demand clearer disclosure of bank policies and the way in which annual reports are drawn up.
The FSA has already warned that if the rules are not tightly adhered to, they will step in if necessary.
It is hoped by commentators and politicians, foreign exchange markets and the financial sector as a whole that the rules will guide banks towards a new bonus payout system within the banking sector.
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