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Annual Review 2015/2016

ANNEX
THE BSB BOARD















  1. Chairman Dame Colette Bowe has worked in the City, in regulation, and in Whitehall, and is former Chairman of Electra Private Equity and Ofcom.
  2. Deputy Chairman Sir Brendan Barber is Chair of the Advisory, Conciliation and Arbitration Service (Acas). He is a member of the Board of Transport for London and of the Council of City University London and was the General Secretary of the TUC from 2003 to 2012.
  3. James Bardrick is the Head of Citi UK. James is a member of The CityUK Advisory Council, sits on the PRA Practitioner Panel and is also a Board member of the British Bankers’ Association and British American Business.
  4. Craig Donaldson is the Chief Executive Officer of Metro Bank. Prior to launching Metro Bank, Craig was the Managing Director of Retail Products and Direct Channels at RBS. He has also held senior roles at HBOS and at Barclays. Craig serves on the Board of Directors at TheCityUK.
  5. Gillian Guy became Chief Executive of the independent charity Citizens Advice in July 2010. Gillian is currently Chair of the BBA Consumer Panel. Gillian is former CEO of the London Borough of Ealing, and CEO of Victim Support.
  6. Paul Johnson is Director of the Institute for Fiscal Studies (IFS), and former Chief Economist at the Department for Education and Director of Public Spending in HM Treasury.
  7. Rt Hon John McFall, Lord McFall of Alcluith was made a Peer in the 2010 Dissolution Honours List, following 23 years’ service as the Member of Parliament for Dumbarton and later West Dunbartonshire. Lord McFall served as Deputy Chairman of the BSB from April 2015 to 31 January 2016.
  8. Saker Nusseibeh is Chief Executive of Hermes, Chair of its Executive Committee and an Executive Board Director. He is former Global Head of Equities at Fortis Investments USA
  1. Professor Onora O’Neill Baroness O’Neill of Bengarve is an independent peer, Chairman of the UK’s Equality and Human Rights Commission, and former Principal of Newnham College, Cambridge, and President of the British Academy
  2. Lady (Susan) Rice CBE was appointed Chair of Scottish Water on 1 June 2015. She is also Chair of the Scottish Fiscal Commission and a Non-Executive Director of Sainsbury’s and the North American Income Trust. She was a member of the First Minister’s Council of Economic Advisors, Managing Director of Lloyds Banking Group Scotland and was previously Chief Executive and then Chair of Lloyds TSB Scotland plc.
  3. Alison Robb is a Group Director and member of the Executive Committee at Nationwide Building Society. She is a Chartered Accountant and qualified at KPMG before moving into business. She now leads a diverse team with accountability for human resources, communications, customer experience and commercial lending.
  4. António Simões is the Chief Executive of HSBC Bank plc, with responsibility for the UK and Continental Europe. Previously, António was CEO for HSBC in the UK, and deputy Chief Executive of HSBC Bank plc.
  5. The Rt Revd David Urquhart Bishop of Birmingham worked in commercial management with BP for ten years before studying theology at Oxford and becoming a parish priest. He is actively involved with education, industry and commerce.
  6. Clare Woodman is Global Chief Operating Officer for Morgan Stanley’s Institutional Securities Group and is a member of the firm’s Global Operating & Management Committee. Clare is a Non-Executive Director of Euroclear, TheCityUK, GFMA and AFME (The Association for Financial Markets in Europe). Clare is a member of the Worshipful Company of International Bankers.
  7. Chief Executive Alison Cottrell was previously Director of Financial Services at HM Treasury and began her career as an economist with firms including HSBC and PaineWebber

SECTION 3: NEXT STEPS

Senior Managers and Certification Regime

Exploring 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.

Professionalism

Evaluating 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.

Assessments

Providing 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.

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HAS YOUR BANK FAILED TO RESPOND ADEQUATELY TO A COMPLAINT?

If your bank/building society has not responded adequately, or in time, to a complaint that you have already made, you can register your complaint with the Financial Ombudsman Service. Which offers a guide on consumer rights when taking a complaint to the Financial Ombudsman Service.

ARE YOU SEEKING GUIDANCE ON YOUR FINANCIAL AFFAIRS?

If you have a problem or query relating to your financial affairs, or are seeking personal finance advice or guidance, there is free, impartial information available from the following organisations:

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.

ARE YOU SEEKING AN INDEPENDENT FINANCIAL ADVISER?

If you are seeking the services of an independent financial adviser, Unbiased may be able to help, or if you are looking for more general financial guidance, the Money Advice Service may be a useful place to start.