Written by Bill Howarth on Monday February 17, 2014
Last week Sir Richard Lambert published a consultation paperon the creation of a new professional standards body for the banking industry in the UK, designed to improve standards of conduct and the culture of banks.
Key points from the report include:
The Review will publish its final recommendations and a business plan by the end of March.The aim is to have the new body up and running by the end of 2014.
ICA has already worked with a number of government & industry agencies globally to create standards for professionals working in financial services so we welcome this new initiative.
In 2006 we partnered with The Financial and Legal Skills Partnership (then known as the Financial Services Skills Council) in the UK to develop the first ever National Occupational Standards for those working in compliance, anti money laundering and financial crime prevention. These standards were updated in 2011 are currently used by firms, regulators and education bodies globally.
We have since worked with regulators in Singapore & Malaysia to produce standards at various job levels with a view to promoting competence, integrity and professionalism.
We are very much looking forward to working with our industry and with the Standards Review working party to share our experience and to help develop benchmarks for those working in the banking industry in the UK.
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