This month saw the distribution of the Chartered Banker Professional Standards Board (CB:PSB) progress report. The CB:PSB is the industry-led initiative to develop, implement and sustain professional standards for individual bankers.
In 2014, over 185,000 bankers achieved the Foundation Standard for Professional Bankers – 117,716 in the UK and an additional 69,600 globally. This means that two in five UK bankers in CB:PSB member firms have met the professional conduct and expertise requirements set out in that Standard. At its current rate, the CB:PSB expects to deliver the Foundation Standard to all UK customer-facing bankers by the end of 2015.
Over the course of the past year the CB:PSB also developed and published the Leadership Standard for Professional Bankers, which is currently being piloted by its member firms. Its progress is set out in the Chartered Banker Progress Report.
Alongside this activity, the CB:PSB is mapping synergies between the Chartered Banker Code of Professional Conduct, the CB:PSB’s Professional Standards, and the new Individual Accountability Regime from the Prudential Regulation Authority and Financial Conduct Authority. Through its standards, the CB:PSB hopes to support regulators and banks in the successful implementation and embedding of the new Individual Conduct Rules, and the Senior Managers and Certification Regimes.
Simon Thompson, Chief Executive of the Chartered Banker Institute, said: "As our Progress Report shows, the CB:PSB is making a significant and measurable contribution to cultural change in banking. Our agenda continues to focus on professionalizing banking – extending the scope of professional standards and seeking to build pathways from standards to qualifications – all focused on individual bankers and supporting them in the important roles they perform.
"To succeed, the CB:PSB’s professional standards need to be as relevant to individuals as they are to member firms, and in our Progress Report just a few of the many tens of thousands of professional bankers who have met the Foundation Standard share their perspectives on what achieving the Standard means to them."