Treasury director Alison Cottrell yesterday accepted the challenge of improving bankers’ culture, as she was appointed chief executive of the Banking Standards Review Council (BSRC).
Bank bosses have tried to change culture by setting a better tone from the top, but have struggled to get their message heard. For instance, the City watchdog discovered bank traders manipulating foreign exchange benchmarks even after lenders had been fined for Libor fiddling.
Currently the BSRC is working on a prospectus to tell banks exactly how it will help improve their cultures.
The biggest six UK banks and building societies have signed up so far, but other lenders, including the international banks, are waiting for more information.
“Now we are going round the City, meeting leaders of major banks to hear what their issues and concerns are. Shortly we will produce a prospectus of what we’ll do, and how we’ll do it,” BSRC chairman Dame Colette Bowe told City A.M.
“Banks themselves will produce their own assessments of where they are on culture, we will assess them and report on how the are doing. The key point is that this will be made public, so customers and counterparties can see how banks are doing.”
Cottrell worked in banking and financial services at the Treasury, and became director of corporate services. .
She will take up the new role in April.