Call for bank staff to sign up to conduct code
Lord Hunt, who served in the Cabinets of Margaret Thatcher and Sir John Major, has called for British bank staff to sign up to a code of professional conduct.
The former Wales and Education Secretary has asked Sir Richard Lambert to introduce this code, as well as a qualifications framework for bankers, as part of a review into the creation of a body to rebuild the reputation of the discredited industry.
Next week, ex-CBI director general Sir Richard will publish his initial thoughts on establishing the organisation, as recommended by the Parliamentary Commission on Banking Standards last year. This will kick off a short consultation ahead of a final report expected at the end of March.
Lord Hunt is keen that the new body be based partly on the experiences of the Lending Standards Board, which he has chaired since 2011. The LSB oversees a lending code that is designed to protect small borrowers, such as charities with an annual income of less than £1m, from poor marketing material and hidden interest rate changes.
In a document submitted to Sir Richard and seen by The Independent, the LSB said that an Independent Banking Standards Board should initially focus on small business and personal customers.
The LSB added there was a "public perception of bankers being replaced with unqualified sales staff", while many of those dealing with customers directly are trained "with a heavy emphasis on selling".
The IBSB must have the power to ensure that banks are hiring people with suitable qualifications for the role they work in. "All staff working in banks should sign up to a new code of professional conduct," the submission argued.
"As well as setting the key standards in the code, the IBSB should audit the mechanisms that banks have to ensure staff adhere to these standards." It added the IBSB should ensure the firms "take appropriate disciplinary action, including dismissal, against staff who fail to act appropriately".
Lord Hunt argued that the new body must have "teeth", while Sir Richard said this was a "useful submission".
- 1 Michelle Rodriguez: Fast & Furious actor apologises after telling 'minorities' to stop taking on 'white' roles
- 2 The black and blue dress: Makers considering a white and gold version
- 3 This is what it's like to be dead, according to a guy who died for a bit
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
Stephen Hawking's wife Jane Wilde on their marriage breakdown: 'The family were left behind'
Boris Nemtsov shot dead: Putin critic may have been murdered by Islamic extremists, says president-led committee
British are sexually uptight, dirty and drink too much – according to Spanish book
PornHub turns masturbation into energy in bid to save the planet
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...