New Research confirms CB:PSB is driving professionalism in banking

• 14 June 2017
• News | Press release | CB:PSB | Professionalism and Ethics | Retail Banking | Regulation & Compliance

Today, the Chartered Banker Professional Standards Board (CB:PSB) has published its “Building Professionalism in Banking” Special Research Report at a Stakeholder Forum event in London.

This is the first, exclusively research focused Report the CB:PSB has produced and has been developed from data collated by the initiative, through YouGov plc commissioned surveys, beginning in 2012. There are positive trends across all key measures, though the data also underlines the extent of the challenge faced by the banking profession.

Most encouragingly, the Report shows that:

• Confidence and trust in individuals working the banking industry is increasing - with 75% of UK Adults surveyed trusting staff at their local bank to tell the truth (up from 73% in 2015)
• Professionalism – and professional standards in particular - is valued - with 62% of UK Adults surveyed, considered banking employees to be very/somewhat professional (up from 60% in 2015).

Lady Susan Rice CBE, Chairman of CB:PSB commented: “These outcomes confirm the importance of the work of the CB:PSB – but also serve as a reminder that the message that banking is changing – that it is becoming more professional – is yet to resonate strongly with the public and stakeholders. I’m grateful to all our member institutions for carrying this work forward within their firms, and sharing more widely the commitment and belief we have that things can change, and that the CB:PSB is the way to change them. 

Professor Robin Jarvis, Chair, CB:PSB Stakeholder Forum and Professor of Accounting, Brunel University remarked: “From a user of banking services and products perspective, the embedding of professional standards in our banks, derived from the initiative, has clearly enhanced customer confidence”.
Nick Winsor, Head of Remediation Management Office UK, HSBC Bank plc added, “The research confirms the importance of professional standards in restoring the trust of customers and confidence in the Financial Services industry”.
 
Stephen Pearson, Senior Adviser, CEO Office, Virgin Money and a founder member of the CB:PSB noted: “It’s no surprise that this “Building Professionalism in Banking” report confirms that good progress is being made in the drive to make banking more professional and trusted."
 
Sue Lewis, Independent CB:PSB Board Member further added: “This latest research shows that embedding professional standards is beginning to have an impact on the perception of banks and bankers. This is encouraging, but still not enough bank staff are aware of the standards, and how they can improve professionalism and ethics. I hope banks will build on this promising start, to the benefit of their staff and the customers they serve”.