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UK Contractors: UK banking watchdog to be launched later this year

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Freelancers and Limited company contractors might be interested to learn that a new watchdog help to maintain standards within the banking world.

The Banking Standards Review Council (BSCR), with the help and recommendation of the former director general of the Confederation of British Industry (CBI) Sir Richard Lambert, will be launching the watchdog later on in the year. 

Although the organisation will in fact be funded by the banking industry, the BSRC have said that it will still remain independent of the banks.

Lambert’s recommendation came after an investigation shone light on mis-selling and market-rigging scandals within the banking sector.

Lambert said, “Rebuilding confidence and trust in the banks is especially vital in the UK, because of the size of the banking system and the importance to the economy of London’s role as an international capital market.”

The CBI responded to a report on standards in the UK banking industry by Sir Richard Lambert.

Katja Hall, CBI Deputy Director-General, commented, “With the UK economic recovery gathering momentum it makes sense for the regulatory focus to concentrate on how banks can best serve their customers, especially entrepreneurial growing businesses, which need their support.

“Sir Richard’s recommendations for banks to commit to driving continuous improvement, with transparent public reporting, alongside new good practice standards, are a sensible way forward. 

“With the political and regulatory spotlight now firmly on conduct, a swift and positive response from the banks to these proposals, combined with changes already underway, should help to rebuild trust in this important sector over time.

“In addition, with more new players entering the banking sector, and competition hotting up, good customer relationships are a real competitive advantage for banks. 

The BSRC will look to monitor banking culture, such as how well members of staff understand codes of conduct, as well as investigating bank employee’s competence and qualifications.

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