Will new ‘Bank Standards Body’ tackle toxic culture?

Commenting on news that a new ‘banking standards review council’ is to be set up, Charlotte Webster, Campaign Manager, Move Your Money said:

“The new banking standards review council is certainly a step in the right direction in terms of holding big banks to account, but of course the devil is in the detail. We join Sir Richard Lambert in urging for things to get moving, and fast. But, there’s also a wider issue of culture to tackle. Making individuals more conscious of their responsibilities when managing and investing other peoples’ money is a good start. But we would ask the banking standards council to consider the effects of toxic cultures that often blur the boundaries between right and wrong behaviours. In terms of drawing up principles for the industry, there are some excellent, well performing ethical and sustainable banks across the UK welcoming new customers every day. We recommend these cultures are looked at very closely; there are some top class practices, and professionals, already out there.”​

This story was originally published at moveyourmoney.org.uk in 2014.