Almost exactly a month ago, Compliance Week wrote about how to get banks not to behave like banks and the efforts of the Banking Standards Board (BSB) to shift the behaviours, standards, and culture of banks to … well more honest and compliance-oriented ones. Earlier, in December 2015, the Financial Conduct Authority announced it was not going ahead with its review of banking culture, but was rather engaging with individual institutions. In part, this move away from a regulatory authority thematic review of culture, said the FCA, was because the review would have been “duplicative” of BSB’s ongoing review.
While there was widespread protest from the Labour Party and even from the Conservative Party of this decision at the time, it appears that dissatisfaction with an industry-based body—the BSB—conducting a review without the backup of an independent regulatory body, i.e., the FCA, is still unpopular.
