BSI to launch ‘kitemarks’ for UK financial services
NATIONAL standards body BSI has developed a voluntary standard of ‘kitemarks’ for compliance teams working within retail and wholesale financial services firms.
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.
It aims to help reduce the risk of compliance failures and offer greater reassurance to management that regulatory requirements are being met.
Supporting the development British Bankers’ Association (BBA) chief executive Angela Knight said: “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.”