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Banking & Finance analysis: Lara Oyesanya, vice president, legal counsel at Barclays, outlines how the new Banking Standards Review Council (BSRC) aims to rebuild public trust in the sector following recent scandals and the financial crisis.
Work to create the BSRC, a new professional body to promote high standards in banking, should get underway immediately, a new report says. The report, published by the Banking Standards Review and led by former CBI director general Richard Lambert, follows a consultation in February 2014 which outlined first thoughts about what the new organisation should look like.
Under the new council, financial institutions will be required to commit to a programme of continuous improvement under the headings of culture, competence and customer outcomes, and report back on their performance to the public each year.
What is the background to the setting up of the new banking standards review council?
Primarily, it is the banks’ desire to begin to repair the damage to their reputation in the post-2008 financial crisis and the various scandals around Libor, interest swaps and PPIs, with the impetus from the recommendations of Richard Lambert, a former director general of the Confederation of British Industry, that have been the driving force behind this. The new BSRC, which will be independent of the banks, al
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