The British Bankers’ Association is considering forcing UK bankers to join an independent body, with rogue bankers struck off if they breach ethical or professional standards.
BBA chief executive Anthony Browne has set up a taskforce to look at the feasibility of setting up a Banking Standards Board.
The board would be able to strike off bankers for wrongdoing in a similar way to the Solicitors Regulatory Authority or British Medical Association.
Speaking at the BBA annual conference in London last week, Browne said: “It would be a body independent of the industry, with responsibility for monitoring and upholding professional and ethical standards, with sharp enough teeth to give it bite.
“It is early days, but it is an idea that many in the industry are keen to pursue.”
The BBA says it has not decided who would be included on such a register and more detail will come at a later date.
Browne stressed the body would need to be viewed as “credible”.
He said: “It would need to be credible with the Government, with parliament, with consumer groups, with the media – and with the public.
“As an industry, we have to show that we are on the side of the good bankers, determined to cut out the bad bankers.”
Jacksons Financial Services managing director Pete Matthew says: “As long as there is a proper disciplinary process then it is a great idea for bankers to have the palpable threat of being struck off. It would introduce some much needed accountability.”