‘A clear purpose helps lay the groundwork for better culture. Leaders need to ensure that the purpose of their organisation is always present and anchors its goals, values, and strategy. I support the BSB’s work in this regard and encourage all firms to take advantage of the resources they provide to help improve conduct and culture. This will help organisations consistently challenge themselves and uphold the highest standards.’
Mark Carney, Governor of the Bank of England
‘For firms to be able to manage their culture, they must first understand it. The Banking Standards Board’s ground-breaking work gives its member firms an important perspective on their own culture, and addresses challenges that the sector collectively needs to overcome in order to serve both its customers and society well.’
Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority
‘The Banking Standards Board’s Annual Review provides further evidence that the culture of firms is shaped most of all by their senior leaders. I welcome the BSB’s work to drive improvement in standards, and to encourage all bank employees to speak up if they have concerns.’
Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority
The Banking Standards Board is an independently led body that promotes
high standards of behaviour and competence across the UK banking industry.
We’ve launched a consultation paper on regulatory references, a core element of the Senior Managers and Certification Regime. This is open between 30 January 2019 and 20 March 2019. Find out more here: bit.ly/2CT0YaJ
Many thanks to @turinginst Chairman Howard Covington for a fascinating presentation to BSB members today. For anyone who missed it Howard will be speaking in the City of London next Monday bit.ly/2FOBcHI
BSB members currently listening to @turinginst Chairman Howard Covington on the impact of disruptive technology and AI on banking
Knowledge-sharing workshop: How building societies work with the BSB--Tue, mar 19, 2019 from 12:00PM to 2:30PM
PLSA Investment Conference 2019--Fri, mar 8, 2019 from 10:15AM to 11:00AM
How CEOs and executive teams work with the BSB and use their Assessment reports--Tue, feb 26, 2019 from 10:30AM to 12:30PM
Lunch with Howard Covington: Beyond Banking: The digital landscape and disruptive technologies--Tue, jan 22, 2019 from 12:15PM to 1:45PM
Non-Executive Directors and the role of General Counsel--Tue, oct 23, 2018 from 9:00AM to 11:00AM
A Decade on from the Financial Crisis: the Legacy and Lessons of 2008--Thu, sep 13, 2018 from 3:00PM to 7:00PM
Knowledge-sharing workshop: Wellbeing and Resilience--Tue, jul 3, 2018 from 10:00AM to 12:00PM
Reforming Culture and Behavior in the Financial Services Industry: Progress, Challenges, and the Next Generation of Leaders--Mon, jun 18, 2018 from 8:30AM to 5:00PM
Dr. Celia Moore: What we know about improving ethical behaviour in organisations--Tue, jun 12, 2018 from 2:00PM to 4:00PM
Margaret Heffernan: How to create a culture that celebrates speaking up and challenge--Thu, may 24, 2018 from 12:30PM to 2:00PM
Dr. Daniel Beunza: Improving culture in financial organisations through participant observation--Thu, may 3, 2018 from 11:00AM to 12:00PM
Sir Geoffrey Vos: Integrity and independence in the judiciary and the financial services industry--Tue, mar 20, 2018 10:00AM
How CEOs and executive teams use their BSB Assessment reports--Thu, feb 15, 2018 from 10:15AM to 12:00PM
Breakfast with Celia Moore: Ethics and why people act the way they do--Tue, jan 23, 2018 from 8:15AM to 9:30AM
2017 EMEA Risk Leader Summit1 London Bridge St, LondonMon, nov 13, 2017 from 9:15AM to 7:30PM
3rd Annual Culture and Conduct Forum8-14 Cooper's Row, LondonTue, nov 7, 2017 from 8:30AM to 5:00PM
Chartered Institute of Internal Auditors Internal Audit 2017 conferenceWestminster, LondonFrom tue, oct 10, 2017 8:00AM to wed, oct 11, 2017 5:00PM
Chartered Banker Young Banker of the Year 2017LondonMon, sep 4, 2017 from 6:00PM to 10:00PM
Changing culture – the role of governancePark Place, St James's Street, LondonThu, jul 6, 2017 from 6:00PM to 8:00PM
National Skills Academy for Financial Services Annual ConferenceLondonThu, jun 15, 2017 from 10:00AM to 4:00PM×------
Senior Managers and Certification RegimeExploring how the SMCR - and especially Certification - can be implemented in the most effective way across the sector.
The Senior Managers and Certification Regime is a major regulatory change that will affect all banks and building societies. Responding to recommendations by the Parliamentary Commission on Banking Standards, the government and regulators have together developed a comprehensive framework to ensure better accountability and responsibility for behaviour, competence and culture in banks and building societies. The new framework provides an opportunity for the industry to focus on and demonstrate a culture of professionalism. We are working with firms and regulators to facilitate this, including areas where a common approach across firms could support both the objectives of the regime and the skills and development of the people covered by it.
ProfessionalismEvaluating whether a more 'professional' approach to banking would improve behaviour and competence across the industry.
The Parliamentary Commission on Banking Standards found that 'banking culture has all too often been characterised by an absence of any sense of collective responsibility to uphold the reputation of the industry', and argued that a greater focus on professionalism could be an answer to this. Working with a leading team at the University of Leeds, we are researching the issues around professionalism in banking. In particular, we are reviewing how professional qualifications are currently used across the sector, and at whether a stronger role for professional bodies, along the lines seen in some other sectors, like medicine or law, would help raise standards. To inform this work and develop a rounded picture of 'professionalism' and what it means in banking, we are surveying banks and building societies, professional bodies and a wide range of other interested groups, including consumer bodies and investors.
AssessmentsProviding an honest and impartial assessment to Boards of progress against objectives on behaviour, competence and culture.
The BSB assessment exercise presents Boards with an objective and impartial view of their firm's culture, identifying where things are working well and recommending areas for improvement. It draws on information not only from Boards and senior teams, but also from employees, investors (or members), trade unions, customer groups and other relevant bodies. In doing so, it will provide constructive challenge to each firm individually, while building a collective understanding of common issues across the industry, or sectors within it. We undertook our first annual assessment exercise in 2015 with ten firms (Barclays, Citi, HSBC Bank, Lloyds Banking Group, Metro Bank, Morgan Stanley International, Nationwide, RBS, Santander UK and Standard Chartered). The BSB itself will not publish individual assessment reports - each firm owns its own report - but key themes and messages will be set out in the BSB's annual report, the first of which will be published in Spring 2016. Given that Board engagement is central to the assessment work, only firms that have their headquarters in the UK are eligible for the full assessment exercise. All firms, including branches of firms headquartered overseas, will however be included in a focused membership-wide survey, which will allow each participating firm to benchmark itself against its peer group.PGRpdiBjbGFzcz0idmlkZW9XcmFwcGVyIj48aWZyYW1lIHdpZHRoPSIxMDAlIiBoZWlnaHQ9IjEwMCUiIHNyYz0iaHR0cHM6Ly9wbGF5ZXIudmltZW8uY29tL3ZpZGVvLzE0OTMwNzE0Mj9hdXRvcGxheT0xP2NvbG9yPWZmZmZmZiZ0aXRsZT0wJmJ5bGluZT0wJnBvcnRyYWl0PTAmYmFkZ2U9MCIgZnJhbWVib3JkZXI9IjAiIGFsbG93ZnVsbHNjcmVlbj0iIj48L2lmcmFtZT48L2Rpdj4=
HAS YOUR BANK FAILED TO RESPOND ADEQUATELY TO A COMPLAINT?
ARE YOU SEEKING GUIDANCE ON YOUR FINANCIAL AFFAIRS?
ARE YOU CONCERNED ABOUT ACTIVITIES CONDUCTED IN YOUR INDUSTRY?
If you work in the financial services industry and are concerned about any activities conducted by your employer or any other firm or individual, you may find the Financial Conduct Authority and the Prudential Regulation Authority's guidelines on whistleblowing helpful. It explains what constitutes whistleblowing, and what procedures are in place to respond to blow the whistle and how your anonymity would be protected. Public Concern at Work, the whistleblowing charity, also offers support and advice to individuals and employers about how to report concerns and how to establish whistleblowing frameworks.