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Following recommendations from the Parliamentary Commission on Banking Standards, Sir Richard Lambert was asked by six leading banks to draw up proposals for a new independent organisation which would “help raise standards of competence and behaviour” among bankers doing business in the UK. Sir Richard’s draft proposals have now been published as part of a consultation process which invites responses by 7 March.
The aim of the new body would be to define standards of good conduct and of competence and to work with the banks to help them to address these areas. Although the new body would be independent it is proposed that it would act as a thought leader, working closely with the regulator, relevant bodies and the banks themselves. The importance of customer service sits at the heart of the proposals with the organisation being tasked to maintain “a relentless focus on what it takes to deliver good customer outcomes” with a mandate that “good behaviour will be defined at all times from the customers’ perspective.”
In launching the consultation Sir Richard Lambert said “It takes years to change the culture and practices of an industry: banking will be no exception. However, there is today both the need and the opportunity to get the process underway.”