In 2011, the Chartered Banker Institute and nine UK banks established the Chartered Banker Professional Standards Board [CB:PSB]. The CB:PSB aims to:
- Develop a series of professional standards to support ethical awareness, customer focus and competence of those working in the banking industry;
- Facilitate industry and public awareness and recognition of standards in banking;
- Establish mechanisms for the implementation, monitoring and enforcement of the standards; and
- Help build, over time, greater public confidence and trust in individuals, institutions and the banking industry overall, and enhance pride in the banking profession.
CB:PSB member firms subscribe to the Chartered Banker Code of Professional Conduct, revised in 2016, and covering approximately 70% of the UK banking workforce. The revised Code lays the foundation for firms’ compliance with the Individual Conduct Rules (ICR), with the approach augmented through the CB:PSB’s revised Foundation Standard for Professional Bankers, which more than 185,000 individual bankers have achieved to date.
Working with the Regulators and Others
The revised Chartered Banker Code of Professional Conduct and the CB:PSB's professional standards are aligned with the FCA and PRA’s Individual Accountability Regime (IAR ), and may be used to help individuals and organisations evidence compliance with the regulators' new Senior Managers and Certification regimes, and the new Individual Conduct Rules. The CB:PSB’s work goes considerably beyond regulatory requirements, enabling banks and bankers not only to demonstrate accountability but also the exacting professional conduct and expertise standards set by the CB:PSB. Speaking in February 2016, Tracey McDermott, Acting Chief Executive of the FCA commented:
“We welcome the publication of the new Chartered Banker Code of Professional Conduct. Industry-led initiatives to improve professional standards are important in supporting our regulation and helping to restore trust and confidence in banks.”
The CB:PSB works alongside the emerging Banking Standards Board [BSB] to enhance and sustain banking standards. The BSB will focus on standards for banks and banking, whilst the CB:PSB will continue to develop and implement professional standards for individual bankers.