UK:
UK Banking Standards Board Publishes Principles For Strengthening Professionalism
22 March 2018
Shearman & Sterling LLP
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On March 12, 2018, the Banking Standards Board published the
"BSB Statement of Principles for Strengthening Professionalism
– The role of the firm," which is a guiding statement of
principles intended to assist banks and building societies to
strengthen professionalism in the banking sector. The BSB has
defined professionalism in U.K. banking as "attitudes,
judgement and high standards of behaviour, knowledge and skill
expected of individuals working in banking." The Statement
consists of six principles, each of which is supported by action
points on how the principle can be achieved.
The Statement does not impose any legal or regulatory
obligations on firms or replace any regulation. It is intended to
assist firms in structuring their own practices and to build on
regulatory initiatives, such as the Senior Managers and
Certification Regimes.
The BSB Statement of Principles is available at: https://www.bankingstandardsboard.org.uk/bsb-statement-of-principles-for-strengthening-professionalism/.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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