The Banking Standards Board (BSB) was a body established in April 2015 in the United Kingdom, to promote good practice among banks and building societies. The original idea for the body came from the work of the Parliamentary Commission on Banking Standards [1] and the subsequent Lambert Review,[2] which called for a new type of organisation, different from traditional regulators, that would look at banking standards, culture and the root causes of poor behaviour. The BSB was renamed the Financial Services Culture Board and then closed in June 2023.[3]
The organisation was funded by the banks, but acts independently of them through its mission and a board composed primarily of non-bankers.[4] The first chair of the BSB was Dame Colette Bowe. She was appointed by a selection committee chaired by the Governor of the Bank of England, Mark Carney. She was followed as chair by Susan Rice (banker) in 2019.[5]Sir Brendan Barber served as vice-chair, and Alison Cottrell was the CEO of the organisation.
The work of the BSBEdit
The BSB conducted annual assessments of culture and behaviour at UK banks and building societies, and reported publicly on the state of the sector in its annual reports.[6][7][8][9][10][11] The organisation's approach to assessing culture combines methods from economics, behavioural science, data science and ethnography,[12][13][6] and has been described by Gillian Tett as "anthropologists with big data trying to use ways to track what bankers are doing, what they're feeling, to work out whether they have a good culture or not".[14]
The BSB's work has highlighted gaps between ethical behaviour and banking activities,[15] pressure and stress in the banking system,[16][17] and concerns with speaking up.[16][18] Beyond the UK banking sector, elements of the BSB's culture assessments have also been conducted for Irish banks,[19] at the New York Federal Reserve [20] and in insurance markets.[21][22]
CriticismEdit
Members of the Treasury Committee examining the work of the BSB in 2018 criticised the slow progress made on fixing the UK's banking culture.[23][24]
^Allesch-Taylor, Professor Stefan (18 October 2023). "Why did City banks quietly shutter their ethics watchdog?". Evening Standard. Retrieved 19 October 2023.
banking, standards, board, body, established, april, 2015, united, kingdom, promote, good, practice, among, banks, building, societies, original, idea, body, came, from, work, parliamentary, commission, banking, standards, subsequent, lambert, review, which, c. The Banking Standards Board BSB was a body established in April 2015 in the United Kingdom to promote good practice among banks and building societies The original idea for the body came from the work of the Parliamentary Commission on Banking Standards 1 and the subsequent Lambert Review 2 which called for a new type of organisation different from traditional regulators that would look at banking standards culture and the root causes of poor behaviour The BSB was renamed the Financial Services Culture Board and then closed in June 2023 3 Contents 1 Governance 2 The work of the BSB 3 Criticism 4 References 5 External linksGovernance EditThe organisation was funded by the banks but acts independently of them through its mission and a board composed primarily of non bankers 4 The first chair of the BSB was Dame Colette Bowe She was appointed by a selection committee chaired by the Governor of the Bank of England Mark Carney She was followed as chair by Susan Rice banker in 2019 5 Sir Brendan Barber served as vice chair and Alison Cottrell was the CEO of the organisation The work of the BSB EditThe BSB conducted annual assessments of culture and behaviour at UK banks and building societies and reported publicly on the state of the sector in its annual reports 6 7 8 9 10 11 The organisation s approach to assessing culture combines methods from economics behavioural science data science and ethnography 12 13 6 and has been described by Gillian Tett as anthropologists with big data trying to use ways to track what bankers are doing what they re feeling to work out whether they have a good culture or not 14 The BSB s work has highlighted gaps between ethical behaviour and banking activities 15 pressure and stress in the banking system 16 17 and concerns with speaking up 16 18 Beyond the UK banking sector elements of the BSB s culture assessments have also been conducted for Irish banks 19 at the New York Federal Reserve 20 and in insurance markets 21 22 Criticism EditMembers of the Treasury Committee examining the work of the BSB in 2018 criticised the slow progress made on fixing the UK s banking culture 23 24 References Edit nbsp Banks portal Banking Commission publishes report on changing banking for good News from Parliament UK Parliament Banking Standards Lambert Review PDF Allesch Taylor Professor Stefan 18 October 2023 Why did City banks quietly shutter their ethics watchdog Evening Standard Retrieved 19 October 2023 Meet the board Dame Susan Rice appointed as Chair of the Banking Standards Board 17 July 2019 a b Annual Review 2018 2019 Chairman s Foreword Annual Review 2018 2019 Explained 1 April 2019 Annual Review 2017 2018 Annual Review Assessment Explained 16 April 2018 Annual Review 2016 2017 Taking the measure of good corporate culture Financial Times Financial Times 26 December 2018 AS2018 C Moore amp Q Zaman How the BSB assesses fuzzy human behaviour amp culture concepts at banks via www youtube com PDF https www newyorkfed org medialibrary media governance and culture reform Summary of Workshop pdf a href Template Cite web html title Template Cite web cite web a Missing or empty title help Gillian Tett asks if banking culture has really changed 28 August 2018 via www ft com City bankers battle with quandary of ethics versus career Financial Times Financial Times 14 March 2017 a b A quarter of UK bankers say their job is bad for their health Financial Times Financial Times 15 March 2018 Knowledge sharing workshop Wellbeing and Resilience Panel video Qamar Zaman 18 July 2018 Speaking up small steps to big changes FCA Insight 23 July 2019 Reports Irish Banking Culture Board Banking Culture The Path Ahead FEDERAL RESERVE BANK of NEW YORK www newyorkfed org Kollewe Julia 24 September 2019 Lloyd s of London nearly 500 workers suffered or saw sexual harassment in past year via www theguardian com Lloyd s reveals depth of sexual harassment culture BBC News 24 September 2019 Work of the Banking Standards Board inquiry UK Parliament correspondent Kalyeena Makortoff Banking 13 November 2018 Overhaul of UK s poor banking culture is slow admits standards chair via www theguardian com External links Edithttps financialservicescultureboard org uk Retrieved from https en wikipedia org w index php title Banking Standards Board amp oldid 1180864813, wikipedia, wiki, book, books, library,
