Shearman & Sterling LLP | FinReg | UK Banking Standards Board Publishes Annual Review for 2017-2018
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  • UK Banking Standards Board Publishes Annual Review for 2017-2018

    03/14/2018
    The U.K. Banking Standards Board has published its Annual Review for the year 2017-2018. The BSB is a non-statutory organization established in April 2015 to help raise standards of behaviour and competence across the U.K. banking sector. Voluntary membership of the BSB is open to all banks and building societies operating in the U.K. The Annual Review sets out the key findings of the second annual assessment exercise conducted at member firms.

    The BSB uses quantitative and qualitative data to assess firms against an Assessment Framework to establish how far each of nine characteristics is demonstrated within each firm. These characteristics are: honesty; competence; reliability; responsiveness; personal/organizational resilience; accountability; openness; respect; and shared purpose. The quantitative aspect of the assessment consists of an employee survey asking 37 core questions that allow comparison across and between firms and over time. The qualitative aspect incorporates views and perspectives from all levels and parts of the firm, obtained by various means, including written submissions, interviews and focus groups.

    The Annual Review also sets out the priorities the BSB will focus on in 2018. These include:
    • Conducting the Assessment for the third time, with a greater number of firms
    • Launching an Insights Unit to identify and understand cultural factors that enable, promote or inhibit high standards in banking.
    • Creating a Member Panel, comprised of senior practitioners from member firms, to discuss ways to raise standards of professionalism, referencing the BSB’s Professionalism Principles, which were published in March 2018.
    • Delivering a second series of the ethnography workshops it held in 2017, following positive feedback.
    • Continuing work on reducing the gap between values and how business is done; encouraging a culture of accountability and responsibility and improving employee wellbeing
    • Publishing a response to its November 2017 consultation on what good banking outcomes look like to consumers.

    View the Annual Review.

    View the November 2017 consultation.