The Banking Standards Board is an independently-led organisation, financed by the banking industry, charged with helping to raise standards across the industry, by identifying shortcomings, recognising progress and signposting the need for further improvement. It will report publicly on its findings.
The Board has 14 members in total, made up of 9 non-practitioners, including its Chief Executive, and 5 practitioners from across the whole UK banking sector.
Welcoming the formation of the new Board, Bank of England Governor, Mark Carney, said:
"I welcome the progress that has been made in this important initiative. The independent members of the Banking Standards Board will bring a wide range of expertise and working with industry practitioners they can be expected to make significant progress on establishing high standards and restoring trust in the banking sector"
Commenting on the make-up of the Board, Chairman Dame Colette said:
“A healthy society and a vibrant economy like the UK needs well-run banks and building societies that understand and serve the needs of people and businesses. From paying household bills to growth finance for business, millions of us rely on the banking system every day. And some 500,000 people across the UK work in this industry.
“But trust in the system has been badly damaged and it’s no surprise that the public expects change after everything that has happened.
“Banks recognise the urgent need to raise their game and build the necessary momentum for change. It won’t happen overnight and it will be an uncomfortable journey but the time has come to win back trust.
“The new Banking Standards Board is made up of expert and committed people, a cross section of civil society and professional expertise, all determined to shine a spotlight on competence, culture and patterns of behaviour across the whole banking industry.
“Through concerted, collective action, the Board will support and encourage sustained change for banks operating in all areas of the market – retail, investment and commercial. That change will be equally relevant to incumbents and challengers, to banks and building societies.
“The Banking Standards Board will take forward the work of the Banking Standards Review which was conducted by Sir Richard Lambert during 2014 in the wake of the Parliamentary Commission on Banking Standards.
Mike Corbat, Chief Executive Officer, Citigroup, said:
“Citi has welcomed the Banking Standards Board from its inception. We will continue to support its important and independent role in helping to rebuild trust and confidence in our industry by promoting higher standards for culture, behaviour and competence. We are delighted that James Bardrick, Citi’s Chief Country Officer for the UK, has been appointed as a non-executive member of the Board.”
Colm Kelleher, President, Institutional Securities and CEO, Morgan Stanley International, said:
“Morgan Stanley is pleased to support the launch of the Banking Standards Board. Rebuilding trust is a significant challenge for the whole industry and the Banking Standards Board has a key role to play in coordinating and overseeing that effort. We are also pleased that Clare Woodman, Morgan Stanley's International Chief Operating Officer, will serve as a non-executive member of the Board.”
