Peter Sands, CEO at Standard Chartered Bank, argues in a Telegraph commentary that credit rating agencies should be prohibited from rating credit vehicles when they are being paid by the institution that developed the structures. "One area which hasn't been addressed is the role of rating agencies," Sands writes. "Ratings paid for by issuers inherently create conflicts of interest. Worse still, they undermine investor discipline -- the obligation to do your own homework and take accountability for your investment decisions. I would make a start by banning issuer-paid ratings for structured credit products."