Research Handbook on Law and Ethics in Banking and Finance
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Research Handbook on Law and Ethics in Banking and Finance

Edited by Costanza A. Russo, Rosa M. Lastra and William Blair

The global financial crisis evidenced the corrosive effects of unethical behaviour upon the banking industry. The recurrence of misbehaviour in the financial sector, including fraud and manipulations of market indices, suggests the need to establish a banking culture that conforms to the highest standards of ethical and professional behaviour. This Research Handbook on Law and Ethics in Banking and Finance focuses on the role that law should play and the effectiveness of newly introduced regulations and supervisory actions as a driver for ethical conduct so as to reconnect the interests of bankers and financiers with the interests of society.
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Chapter 6: The development and implementation of professional standards for UK bankers: a practitioner perspective

Simon Thompson FCBI


In October 2011, nine leading UK banks plus the Chartered Banker Institute founded the Chartered Banker Professional Standards Board (CB:PSB) to develop and implement professional standards to support the ethical awareness, customer focus and professional competence of individuals working in the banking sector. This was both a response to the Global Financial Crisis and anticipated significant public, policymaker and regulatory concerns about banking conduct and culture. This chapter describes, from a practitioner perspective, the establishment, development, achievements and challenges of the CB:PSB, discussing these within the context of wider debates over the meaning of terms such as ‘professional standards’ and ‘professionalism’, and whether banking as a sector could or should be considered as a profession. It also explores how a voluntary, self-regulatory initiative can support rather than attempt to replace, statutory regulation designed to enhance accountability and levels of conduct and culture by developing and implementing professional standards that seek to promote higher standards of knowledge, skill and expected behaviour for bankers.

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