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 new organisation will act as an independent champion for better banking
- The new board will define standards of good conduct in line with principles being developed by the regulator
- The board will over time define the standards of competence that are required in specific roles in banking (this will be done by panels of industry practitioners)
- On the basis of these standards it will assess and validate training programmes provided by external providers and the banks themselves
- The new body will develop metrics with which banks can benchmark their activities against their peer group
- The new body will be independent of the banks although funded by them
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.