BSI to launch 'kitemarks' for UK financial services

NATIONAL standards body BSI has developed a voluntary standard of &lsquo;kitemarks&rsquo; for compliance teams working within retail and wholesale financial services firms.<br /><br />The body consulted with members of the industry to set out a common methodology and good practice standard, which can be used to complement existing regulation.<br /><br />It aims to help reduce the risk of compliance failures and offer greater reassurance to management that regulatory requirements are being met.<br /><br />Supporting the development British Bankers&rsquo; Association (BBA) chief executive Angela Knight said: &ldquo;This is an interesting and challenging initiative which should improve efficiencies between and amongst compliance teams across the financial service industry and the BBA welcomes its development.&rdquo;