A new body for banking standards
I have been asked to create an independent body that will promote high standards of behaviour and competence across the UK banking industry. Britain’s biggest banks and building society are supporting this initiative. Success will help restore public trust in this vitally important sector of the economy.
Following extensive discussions with a number of different stakeholders I published a consultation paper in February 2014 which outlined my initial thoughts about what this new organisation should look like. The paper, which invited interested parties to share their views, generated nearly 200 constructive responses. These revealed widespread support for a new organisation dedicated to raising banking standards in the UK.
In May 2014 I published a report which recommended that a Banking Standards Review Council (BSRC) be established, and outlined what this new body would look like.
Work is now under way to set up this new organisation, with a view to it becoming operational by the turn of the year. This includes searching for a Chairman and Chief Executive and approaching a large number of banks and building societies in order to secure as wide a participation as possible. Please contact me if your organisation wishes to take part.
- Sir Richard Lambert