BBA proposes tough banking code of conduct - Banking - News - Moneyfacts


BBA proposes tough banking code of conduct

BBA proposes tough banking code of conduct

Category: Banking

Updated: 16/01/2013
First Published: 16/01/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The British Bankers' Association (BBA) has proposed radical changes to strengthen ethical and professional standards in the banking industry.

Under the plans, formulated by a taskforce that included a number of major UK banks, the BBA wants an independent body, the Banking Standards Review Council, to oversee the professional conduct by financial service institutions such as banks.

All employees would be required to adhere to a revised strict code of conduct, with the council potentially holding the power to strike off any members who flaunt the rules.

Anthony Browne, the BBA's chief executive, is due to appear before the Parliamentary Commission next Monday to discuss further details of the proposals.

"The BBA, and the industry as a whole, is determined to play a constructive role in raising standards," he said.

The plans follow a series of scandals to hit the banking sector such as the miss-selling of payment protection insurance (PPI) and the alleged manipulation of inter-bank lending rates.

Find the best bank account for you - compare bank accounts

Check out our guide to 'How to independently claim back mis-sold PPI'

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

More people are switching current accounts

Competition in the current account market remains intense, which means if you’re not happy with your account for any reason, now’s a great time to switch! Happily, more and more people seem to be getting in on the switching action...

Financial services complaints continue to fall

Many people feel dissatisfied with their financial providers at times, but happily, it looks as though the most serious complaints are becoming less and less common.

Contactless spending hits yet another record

Contactless spending is going from strength to strength, hitting new records on a seemingly monthly basis - and it’s just broken yet another one, with monthly contactless spending having passed the £2bn mark for the first time.