What is the BSB?
The Banking Standards Board (BSB) has been established to promote high standards of behaviour and competence across UK banks and building societies.
A successful, dynamic UK economy needs a strong, stable banking sector that serves the best interests of its customers. For the sector to contribute fully to the economy and society it needs to be trusted; not only by its customers (in the UK and globally), but also by its staff, by potential employees, by regulators and by policy makers. Trust in the sector has been damaged, and it is only the industry itself – by demonstrating honesty, reliability and competence on a consistent and collective basis – that can rebuild it.
The BSB began its work in April 2015. It is a private sector body funded by membership subscriptions and open to all banks and building societies operating in the UK. It is neither a regulator nor a trade association; it has no statutory powers, and it will not speak or lobby for the industry. It will, instead, provide challenge, support and scrutiny for firms committed to rebuilding the sector’s reputation, and it will provide impartial and objective assessments of the industry’s progress.
Read the BSB Governance Report and Financial Statements 2015 (pdf 229KB)
Origins of the BSB
Parliamentary Commission on Banking Standards was appointedThe Parliamentary Commission on Banking Standards is a joint Committee appointed by the House of Commons and the House of Lords.
Parliamentary Commission on Banking Standards ReportIt recommends the creation of a “professional body for banking in the UK" with "the onus... on the industry itself to maintain the impetus for its development."
Sir Richard Lambert to undertake a reviewThe Chairmen of UK's seven largest banks and building societies (Barclays, HSBC, Lloyds, Nationwide, RBS, Santander and Standard Chartered)
Sir Richard Lambert publishes his Banking Standards Review"There is a strong case for a collective effort to raise standards of behaviour and competence in the banking sector...”.
Funding for the new BSRCThe seven founder banks and building societies agree to fund the creation of the Banking Standards Review Council. Sir Richard Lambert acts as interim Chairman, while Bank of England Governor Mark Carney leads an independent panel to appoint a permanent Chairman and CEO.
Dame Colette Bowe is selected as Chairman"Colette not only has a deep understanding of financial services regulation, but also a proven track record of improving standards of fairness, transparency and integrity across a range of industries."
Alison Cottrell is selected as Chief Executive"Alison has a depth of knowledge of the policy context for financial services, alongside experience of working in the industry..."
The BSRC is renamed the Banking Standards Board (BSB)And launches with a 14-strong Board made up of nine non-practitioner members and five practitioner members, chaired by Dame Colette Bowe.
The BSB was founded on the participation of the UK’s seven largest banks and building society.
The banking industry has a collective interest in raising standards of behaviour and competence across the industry.