On October 3, 2016, the UK Banking Standards Board published a report on the role of professional bodies and the types of professional qualifications in the UK banking sector. The Banking Standards Board is an independent non- statutory body that was established in April 2015 to help raise standards of behavior and competence across the UK banking sector. The Report contains research on whether and how the role of professional bodies could be strengthened in order to promote higher standards of behavior and competence across the industry. The BSB stresses five key challenges facing the industry. These include the perceived low profile of professional bodies within the banking sector and the lack of established banking qualifications or a tiered framework of qualifications, which give (and are recognized to give) a thorough grounding in the fundamentals of banking. Despite the challenges listed, the report concludes that there is potential for professional bodies to play a more significant role in raising the level of competence and ethical behavior in the sector.
The Report is available at: http://www.bankingstandardsboard.org.uk/wp-content/uploads/2016/10/160928-Professionalism-in-banking-publication-FINAL-WEB.pdf .
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