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.
The Financial Times reports the BBA is looking at whether to set up an independent, professional body for banks similar to the organisations covering doctors, lawyers and accountants.
BBA chief executive Anthony Browne told the newspaper: “Such a body will only have credibility if it will be independent from the industry and if it will have real teeth”.
The trade body has set up a taskforce to restore credibility to the banking sector following recent scandals relating to Libor, payment protection insurance and interest rate swap misselling. The FT says a number of bank chairmen are thought to be sympathetic to the idea of a general bankers’ register.
Barclays has also floated the idea of a professional bankers’ body in its submission to the Parliamentary Commission on Banking Standards, led by Treasury select committee chairman Andrew Tyrie.
The news come ahead of the BBA’s annual conference in London today.