UK Finance, which claims to be a collective voice for the banking and finance industry, has issued its guidance around ethical principles and compliance in the sector.
Working with law firm Linklaters, UK Finance released a digital guide to the legal, regulatory and other expectations for firms and the individuals in the banking and finance space, and the ethical principles in which they conduct business.
Its goal is not to set new standards of interpret those of others but provide an overview and support with obligations. With each case, the firm addresses and offers insight on why a particular issue needs to be considered.
The commentary has been structured around four key themes: leadership, governance systems and controls, the workforce, customers, again by reference to a typical lifecycle, in this case from product design to the ongoing relationship and other stakeholders, including shareholders, regulators and the wider community.
UK Finance has created the guide with boards, non-executive directors (NEDs) and senior managers within banking and finance organisations, in mind. The requirements will bring both company law and corporate governance requirements together with localisation for the UK and its regulatory expectations.
In a statement UK Finance said, “In putting together the guide, we talked to a number of regulators and standard setters, as well as to a broad range of our members. Each impressed upon us that the focus upon the way in which business is conducted is only going to intensify in the years ahead. While the various elements can be expected to evolve as we enter into an ever more technological and data driven era, our expectation is that the fundamentals reflected in the guide will prove enduring.”
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