If you would like to receive more of news and insights from our team sign up here.
Looking for real progress towards a banking culture which truly puts customers first
New Year: a time not only for making resolutions but for looking back, for reviewing progress and assessing reality against ambition. Being honest what would your report card look like? Would it be sprinkled with gold stars or would there be a few areas in which you would have to admit that you could do better?
For some of Britain’s banks the end of term report cards could make very interesting reading indeed, particularly given the efforts which have gone into reforming the culture of the banks over the last couple of years. And for 10 UK banks the report card has become a reality, with the Banking Standards Board (BSB) issuing an assessment of whether the goals and standards set by bank management have filtered through into action and behavioural change. The reports are confidential although Lloyds bank did confirm to the Guardian that it had received the report and that “The Banking Standards Board’s assessment report shows that we are making good progress in changing culture throughout the organisation.”
The BSB is due to issue its own report in the spring and at that time we may see further indications of the overall progress towards banking culture change. Certainly, given the FCA’s decision to shelve plans for an enquiry into the culture, pay and behaviour of banking staff, industry watchers will be looking for real progress towards a banking culture which truly puts customers first.