Peter Sands, the boss of Standard Chartered, an emerging-market leader, argues that there are swathes of the industry doing blameless but critical things like cash management and trade finance for companies that fall outside the definition of narrow banking.

ECONOMIST: The contract between society and banks will get stricter

But Labour's leader said this was "too narrow" and a much wider judicial probe into the culture of banking was needed.

BBC: Leaders clash over Barclays rate-rigging inquiry