British Banking Association Suggests Improvements to Banking Standards
Following the appearance of the chief executive of the British Banking Association before the Parliamentary Commission on Banking Standards, the BBA has published a formal submission listing various options for improving standards of banking practice in the UK. The submission revolves around three main areas:
- Strengthening the existing regime, for instance, by closing existing gaps and expanding it to significant wholesale market transactions or dealing;
- Enhancing professionalism, either by increasing independent oversight or through guidance and standards set by the Financial Conduct Authority; and
- Introducing a more "top down" approach with (i) a new code of conduct to be applied to all bank employees, (ii) the establishment of a Banking Standards Review Council, and (iii) the creation of a blacklist of banned individuals.