BSB gives “slightly pessimistic read-out” on banks’ cultural progress

The Banking Standards Board has released its annual assessment of culture in the industry for 2018, which revealed mixed results and substantial room for improvement. Denis O’Connorquestions the sincerity of firms and the utility of the BSB’s efforts.

Denis O’Connoris a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s board and editorial panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the United Kingdom and abroad.

In the wake of the financial crisis and therevelation of widespread misconduct by financial institutions in the United Kingdom, leading participants in the industry realised they had to improve standards and the trust of the public in the industry had to be regained. Therefore, seven large institutions created the Banking Standards Board, with the industry-led objectives of promoting standards and restoring trust. Membership of the BSB is voluntary, as is participation in its various initiatives. The BSB has no powers of sanction for any members who fail to meet its standards or who cause significant customer detriment. The BSB has also stated that it will not act as a lobby group on behalf of its members.