Shearman & Sterling LLP | Financial Regulatory Developments Focus | UK Banking Standards Board Consults on What Good Banking Outcomes Look Like for Consumers
Financial Regulatory Developments Focus
  • UK Banking Standards Board Consults on What Good Banking Outcomes Look Like for Consumers
    The UK Banking Standards Board, which was established in 2015 to help raise standards of behaviour and competence across UK banks and building societies, has launched a consultation seeking views, in particular from consumer and civil society organisations, about what the outcomes of a good banking culture look like to consumers. The BSB uses the term "consumers" to refer to retail banking customers (personal customers and micro businesses) and building society members, both potential and actual. 

    The views of consultation respondents will assist the BSB in developing a "Consumer Framework", that consumer and civil society organisations can readily relate to and that can potentially align, if wished, with some of their own work. An outline of the Consumer Framework is provided for consultation. The starting point for the Consumer Framework is a set of consumer principles (access, choice, clarity and transparency, safety and security, redress and being listened to, value for money, fairness). The BSB seeks feedback on the adequacy of these principles. It also seeks views on its proposals to adopt outcomes-focused approach and on high level questions such as how consumer outcomes could be measured, on the helpfulness of "real life" examples of what the outcomes might mean to consumers and on whether the Consumer Framework would be helpful in setting a benchmark for good practice standards. 

    Comments on the proposals are invited by January 26, 2018, following which the BSB will publish a further and fuller version of the Consumer Framework. 

    View BSB News release

    View Consultation Paper: What do good banking outcomes look like for consumers.