Dame Colette Bowe, chairman of the Banking Standards Board and member of the FEMR Market Practitioner Panel said:
“The Banking Standards Board (BSB) welcomes the measures announced to raise standards of conduct in the fixed income and currency markets.
“The regulatory changes announced today are central to achieving this. But experience shows that regulation can only take you so far. It also takes individual and collective action on conduct, culture and competence – raising the bar on ethical standards, behaviour and customer service- to have a lasting impact.
“The BSB was established to promote change within the banking sector in the UK. The creation of the FICC Markets Standards Board is a complementary and timely step in the same direction for global fixed income and currency markets.
“The BSB has been closely involved in the development of this initiative and looks forward to supporting Elizabeth Corley and the FMSB in this important work.