The UK's new driver of its push for higher standards across the banking sector, somewhat appropriately, knows a thing or two about regulating complex industries and dealing with front-page controversy.

Dame Colette Bowe was on Thursday named chairman of the Banking Standards Review Council, the new body being set up this year to promote high standards of behaviour and competence across the UK's banking industry. One of her first tasks will be to find a chief executive to lead the body.