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Professional bodies can lead the banking industry’s efforts to reclaim professional standards – but only if they have greater employer recognition and credible teeth, according to a new report from the Centre for the Study of Financial Innovation (CSFI).
The report, “Setting standards: professional bodies and the financial services sector”, by the journalist Keyur Patel, examines whether banking and financial services need more powerful professional bodies, as exist in other professions. Only a quarter of the half-million (or more) people who work in UK banking hold a professional qualification.
In a foreword to the report, Sir Richard Lambert, who led the Banking Standards Review, says: “The way banks structure their budgets often discourages investment in anything other than short-term training – giving people the technical capacity to do today’s job, but not to get a sense of the bigger picture for tomorrow. The banking industry won’t get the professional standards it so obviously needs so long as this attitude prevails.”
If you wish to purchase a copy of the report, please click here.
