The Banking Standards Board (BSB) has today published the BSB Consumer Framework.
The BSB was established to help raise standards of behaviour and competence in the banking sector for the benefit of customers, clients, the economy and the broader society. Consistent with this purpose, we proposed in late 2017 a Consumer Framework. This Framework set out an initial outline of what good banking outcomes might look like to consumers of retail financial services, for consultation.
We consulted with consumers and civil society organisations on the Framework between November 2017 and January 2018. We received 81 responses to the consultation from a range of organisations and over 2,600 responses from individual consumers, a summary of which was published in September 2018. The updated Framework published today takes this feedback into account and sets out five consumer principles; outcome statements for each of the principles; and examples of what those outcomes might look like in practice to consumers.
We will be taking our consumer work forward, drawing on evidence from the BSB annual assessment as well as from other sources, focusing on how the Framework can be used most effectively by firms. This may include addressing issues identified by employees as preventing them from serving customers well and learning from what employees see as helping them provide good customer service; how to make the customer perspective more salient to employees; and how firms currently measure or gauge customer outcomes.
About the BSB:
The Banking Standards Board (BSB) is a non-statutory membership body that helps to promote high standards of behaviour and competence across the UK banking industry. As its work has developed, the BSB also now works with firms globally and/or outside the banking sector.
The BSB was established in April 2015. It is a private sector body funded by membership subscriptions and fees from services provided to non-member firms. Membership is open to all banks and building societies operating in the UK. The BSB is not a regulator or a trade association. It provides challenge, support and scrutiny for firms committed to strengthening the trustworthiness of the sector, practical insight into steps that firms can take to understand and manage their organisational culture, and impartial and objective assessments of the industry’s progress.
Find out more about the BSB’s work.