The Code sets out the ethical and professional values, attitudes and behaviour expected of all professional bankers. The revised Code lays the foundation for firms’ compliance with the FCA and PRA’s individual conduct rules under the new individuality accountability regime. It exceeds regulatory requirements by setting out how individuals should follow best practice and demonstrate their personal commitment to professionalism in banking. The revised Code supersedes the version published in October 2011.
The Foundation Standard sets out the CB:PSB’s expectations of all individuals as regards the professional conduct and professional expertise required by such individuals to apply the Code on a day-to-day basis. Over 185,000 individual bankers have achieved the Foundation Standard to date. The revised standard replaces the version that was published in July 2012.
There has been widespread industry support for the revised documents, with members of the FCA, Banking Standards Board and Financial Services Consumer Panel voicing their support and encouragement.