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Dame Susan Rice appointed as Chair of the Banking Standards Board

The Banking Standards Board (BSB) is pleased to announce the appointment of Dame Susan Rice as Chair of the BSB with effect from 1 January 2020.

Dame Colette Bowe will step down as Chairman at the end of December 2019, at the end of her five-year term.

The open appointment process was conducted by Mark Carney, Governor of the Bank of England; Sir Brendan Barber, Chairman of the Advisory, Conciliation and Arbitration Service and Deputy Chairman of the BSB; Gillian Guy, CEO of Citizens Advice and a BSB Board member; the Rt Revd David Urquhart, Bishop of Birmingham and a BSB Board member; and Sir Douglas Flint, Chairman of Standard Life Aberdeen.

Mark Carney, Governor of the Bank of England, said:

“I welcome the BSB’s decision to appoint Susan Rice as its new Chair. Throughout her career, Susan has shown a deep and sustained commitment to improving the culture of our financial services firms. She will no doubt build on the BSB’s successes as it develops in its next phase.

I would also like to thank Colette Bowe for her hard work in the BSB’s first years.”

Dame Susan Rice said:

“It’s a great privilege to become Chair of the Banking Standards Board. The organisation has done remarkable work over the last four years revealing the intersection between the behaviour of a firm and the behaviours of the people who work within it. Organisational culture is critical now and even more so in the future. I succeed an admirable Chairman in Colette Bowe and look forward to supporting the organisation as it grows even more in influence and impact.”

Notes to Editors:

Dame Susan Rice will take up the role of BSB Chair on 1 January 2020, for a four-year term.

Dame Colette Bowe will step down on 31 December 2019. Shortly ahead of that, Dame Colette will take up her role as an external member of the Financial Policy Committee (FPC) at the Bank of England, in time for the FPC’s Q3 round of meetings.

The panel was supported in the search by Spencer Stuart.

Biography:

Dame Susan Rice DBE

As the first woman to head a UK clearing bank, in 2000 Dame Susan became Chief Executive, then Chairman, of Lloyds TSB Scotland, and until 2014 Managing Director of Lloyds Banking Group Scotland. Susan was the founding Chair of the Chartered Banker: Professional Standards Board and has been a director of the BSB since its inception in 2015.

Susan is Chair of Scottish Water and the Scottish Fiscal Commission, the official, independent economic and fiscal forecaster for Scotland. She is Senior Independent Director of J Sainsbury’s plc and of the North American Income Trust. Previously a director of the Bank of England, she was also a non-executive director of SSE plc, the UK’s largest producer of power from renewable sources. She is an Advisory Group member of the Place-based Climate Action Network and a lay member of Court at Edinburgh University.

Susan was made a Dame in the 2018 New Year’s Honours list for services to business, the arts and charity in Scotland.

About the BSB:

The Banking Standards Board (BSB) is a non-statutory membership body that helps to promote high standards of behaviour and competence across the UK banking industry. As its work has developed, the BSB also now works with firms globally and/or outside the banking sector.

The BSB was established in April 2015. It is a private sector body funded by membership subscriptions and fees from services provided to non-member firms. Membership is open to all banks and building societies operating in the UK. The BSB is not a regulator or a trade association. It provides challenge, support and scrutiny for firms committed to strengthening the trustworthiness of the sector, practical insight into steps that firms can take to understand and manage their organisational culture, and impartial and objective assessments of the industry’s progress.

Find out more about the BSB Board and the BSB’s work.

Contact:
Laura Conaghan
Head of Media Relations, Banking Standards Board
0203 7819711
laura.conaghan@bankingstandardsboard.org.uk

Miriam Abilama
Head of Content, Banking Standards Board
0203 7819701
miriam.abilama@bankingstandardsboard.org.uk