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Legal and Conduct Risk in the Financial Markets, 3rd Edition by McCormick, Roger; Stears, Chris (22nd March 2018)

Part III The Conduct Crisis, 12 Ethics and Standards

Roger Mccormick, Chris Stears

From: Legal and Conduct Risk in the Financial Markets (3rd Edition)

Roger McCormick, Chris Stears

Subject(s):
Banking — Regulators

In response to the issues that came to light as a result of the financial crises, the Parliamentary Commission on Banking Standards called for the establishment of a professional body to promote better standards of behaviour in banking. This chapter discusses the Banking Standards Board (BSB) and the FICC Market Standards Board (FMSB). The BSB commenced work in January 2016 and, at the time of writing, has twenty-two member banks and building societies. The aim to the BSB is to set standards of behaviour and competence for banks and building societies, and to define metrics against which they could benchmark. The FMSB was set up in 2015 ‘as a private sector response to the conduct problems revealed in global wholesale Fixed Income Currencies and Commodities (FICC) markets after the financial crisis’.

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