“Undoubtedly critics will try to pick holes in today’s paper but we must recognise that this is a new and innovative approach for the industry in its rehabilitation. Today’s announcement marks a critical step forward for the banking industry to rebuild its reputation, restore trust and put customers at the heart of banking. Changing culture, competence and customer outcomes is more necessary than ever and the sector should seize the opportunity to play a driving role.
“This is the time to be bold and courageous and not waste the unique opportunity. The success of the BSRC hinges on getting the right people in place and ensuring the body is properly funded to achieve its goals. A Chairman who truly understands banking and its role in society, and can engage at the top table as well as understanding detail is imperative. The involvement of the Governor of the Bank of England is a positive move and highlights the importance of getting this right from the start.
“The interplay with the FCA and PRA is vital to avoid a parallel track of unconnected activity that could make things worse by adding another layer of complexity and confusion.
“It is also imperative that a robust set of metrics is introduced so progress can be effectively assessed. Banks that fail against these metrics must be held accountable and disciplined. The annual reporting requirement is positive and should help establish credibility quickly.
“The scale of cultural change required in the UK is immense and requires a fundamental change in mindset that must permeate through all levels of banks. There is no short term fix – this will take a generation of bankers to work through.”
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This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.