Monday 19 May 2014

UK: Banking Standards Review - recommendations published for new standards body

Following a consultation earlier this year, the Banking Standards Review published its recommendations today: see here (pdf). These centre on the creation and operation of the new Banking Standards Review Council, the role of which is described in these terms: "... to contribute to a continuous improvement in the behaviour and competence of all banks and building societies doing business in the UK. It will act as an independent champion of better banking standards in the UK, and be driven by the interests of customers and of the wider group of stakeholders with a concern for the well-being of the British banking system."

In a press release accompanying the publication of the recommendations, it is stated that the new Council will be launched later this year and that its creation has the support of the chairman of Barclays, HSBC, Lloyds Banking Group, Nationwide, RBS, Santander and Standard Chartered: see here (pdf). The Governor of the Bank of England is to chair an independent panel to appoint the Council's first chairman.

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