The Chartered Banker Professional Standards Board (CB:PSB) is a unique joint initiative, launched in October 2011, between a number of UK banks and the Chartered Banker Institute. Its aim is to improve customer confidence in individual bankers through achieving professional standards. Already almost 250,000 individuals have met the Foundation Standard for Professional Bankers and some banks are also working towards the Leadership Standard for Professional Bankers. Our work helps drive professionalism in banking and cultural change at banks.
The CB:PSB comprises:
- a Board of senior industry leaders dedicated to driving professionalism in the banking industry;
- a Professional Standards Committee (PSC) to help develop professional standards;
- an Independent Monitoring Panel (IMP) to focus on the monitoring of CB:PSB professional standards;
- a Stakeholder Forum (which has superseded the Advisory Panel) to engage with a broad range of ‘end users’; and
- a dedicated Professional Standards Team within the Chartered Banker Institute.
The CB:PSB’s standard-setting activities complement a series of more recent reforms led by the UK Government, regulators and the banking industry, including the Parliamentary Commission on Banking Standards (2012) and the Banking Standards Review (2013). The CB:PSB has a unique role in the emerging standards landscape, in developing, implementing and monitoring professional standards for individual bankers. The CB:PSB collaborates with other voluntary initiatives and regulatory bodies to ensure that its activities are aligned to achieve common aims. This will include the Banking Standards Board (BSB) whose focus will be banks and banking in contrast to the CB:PSB’s focus on individual bankers.
The CB:PSB is not a regulator, and the CB:PSB Professional Standards have no statutory force. Rather, they seek to complement and build on basic standards of competence and conduct set by regulators and promote higher standards of professionalism for those working in banking. The CB:PSB’s firms have voluntarily agreed to support the CB:PSB, to subscribe to the Chartered Banker Institute Code of Professional Conduct and to implement the CB:PSB’s professional standards. Over time, it is anticipated that a widely accepted set of professional standards for bankers may assist regulators and others seeking to make judgements on individuals’ professional competence and on organisations’ cultures.
- Develop a series of professional standards to support the 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.