First BSB Professionalism Forum
Key Points — 23 May 2017
Summary
1. This note summarises the key points from the first Banking Standards Board (BSB)
Professionalism Forum held on 23 May 2017 at the Royal Institute of British Architects
(RIBA). There were 51 external participants (65 in total, including BSB representatives)
and all discussions were held under the Chatham House Rule.
2. The following agenda items were discussed:
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Item 1 - Welcome and introduction
Item 2 - Definition and objective for strengthening professionalism in banking
Item 3 - Factors relevant to strengthening professionalism in banking
Item 4 - Summary and close
Item 1 — Welcome and introduction
3.
The Professionalism Chairman welcomed members to the Forum, thanking them for
their agreement to be involved, their commitment and investment of time. He set
the context for the day’s discussions, providing a brief recap of events that had
thrown a spotlight on the importance of professionalism in banking.
4.
The Chairman outlined the remit of the BSB in terms of helping firms and other
parties to raise standards of behaviour and competence in the UK banking sector.
The BSB sought to facilitate change and help the sector deliver better outcomes for
the benefit of customers, clients, members, employees, the economy and wider
society. The Chairman emphasised the facilitative nature of the BSB’s role, explaining
that it could not dictate change and that change had to be owned and driven by the
sector itself.
5.
The Chairman discussed the objectives for the day and the way in which the Forum
related to the Professionalism Working Group. There were three key objectives for
this Forum: generating an agreed working definition of professionalism in banking;
building a consensus on the objective, or set of objectives, for strengthening
professionalism in banking; and identifying the main barriers, enablers and other
factors relevant to achieving those objectives.
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Items 2 — Definition and objective(s) for strengthening professionalism in banking
6.
Facilitators for each of the tables led a discussion about the ‘straw man’ definition of
professionalism in banking that had been circulated to Forum participants in
advance. This was as follows:
Professionalism refers to the high standards of behaviour, knowledge and skill, as
well as the good character expected of individuals working in banking, and the
responsibilities of firms to support those individuals in developing and attaining such
standards.
7.
The intention was to work towards a common understanding of what we mean by
‘professionalism in banking’ and why we want to strengthen it for the purposes of
the Professionalism Review. The intention was not to supplant or supersede any
existing definitions.
8.
Participants were asked to consider: whether anything should be included in the
definition that was currently excluded; whether anything should be excluded from
the definition that was currently included; and what they thought could, or should,
be achieved by strengthening professionalism in banking. Key points to emerge from
the discussion are summarised below:
 There was support for keeping the definition brief and therefore also
memorable and ‘snappy’.
 The term ‘maintaining’ should be used in place of ‘attaining’ high standards.
 Reference to ‘good character’ should be removed as this seemed dated,
vague and problematic in practice.
 Judgement and attitudes were important elements of professionalism.
 Acting with skill, care, diligence and a sense of personal responsibility were
important elements of professionalism.
 Professionalism was important in order to:
o Restore trust and trustworthiness in banking;
o Raise levels of pride amongst individuals in working in banking, which
would also help to attract new talent to the sector;
o Fulfil the duties that firms and individuals working in banking have to
customers, suppliers, employees, and wider society; and
o Underpin business success
Item 3 – Factors relevant to strengthening professionalism in banking
9.
The second main session involved participants discussing the various challenges
(‘barriers’, ‘enablers’ and other factors) to be addressed if the benefits associated
with strengthening professionalism were to be realised. Several participants felt that
applying a binary distinction to these factors was difficult since a particular factor
could be considered either a ‘barrier’ or an ‘enabler’ depending on context and
implementation. The key factors identified by participants are outlined below:
 Recruitment and selection processes;
 Values, attitudes and motivation in the workforce;
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New apprenticeship scheme and levy;
Adequate resource and provision for training and development;
Qualifications and CPD;
Job security and its effect on career paths;
Performance management, mentoring and supervision;
Organisational culture and diversity;
Firm’s attitudes to professional bodies and professional body membership;
Number of professional bodies and qualifications;
Role of the BSB;
Role of regulators and volume of regulation; and
Changes to banking caused by technology, particularly artificial intelligence.
Item 4 – Summary and close
10.
The Chairman provided a recap of the main areas discussed at the Forum and
identified next steps. Participants would receive the key points from the Forum
within a fortnight. Before the next Forum, the Professionalism Working Group would
consider a revised version of the definition of professionalism in banking, along with
a revised set of objectives for strengthening professionalism in banking. The revised
definition and objectives would then be presented to the second Forum.
11.
In the meantime, a high level summary of the discussion at the first Forum would be
published on the BSB website.
12.
The Chairman thanked all participants for attending the first Forum and reminded
them that the next Forum would be on 13 September 2017 at the offices of Morgan
Stanley, 20 Bank Street, Canary Wharf. He thanked Morgan Stanley for their
generosity in agreeing to host this Forum.
BSB Secretariat
1 June 2017
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