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.