Chartered Banker Professional Standards Board

October 2011

Chartered Banker Code of Professional Conduct

INTRODUCTION 1

1.1 The Chartered Banker Professional Standards Board (CB:PSB) was established in December 2010 to support a strong culture of ethical and professional development across the UK banking industry. The organisations supporting the CB:PSB serve more than 70 million UK customers, and employ more than 350,000 individuals working in banking in the UK. The CB:PSB has developed the Chartered Banker Code of Professional Conduct (“the Code”) which sets out the key attitudes and behaviours it expects of banking professionals.

THE CHARTERED BANKER CODE OF PROFESSIONAL CONDUCT

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I will demonstrate my personal commitment to professionalism in banking by:

1. Treating all customers, colleagues and counterparties with respect and integrity;

2. Considering the risks and implications of my actions and advice, and holding myself accountable for them and for the impact these may have on others;

3. Complying with all current regulatory and legal requirements and following best industry practice;

4. Treating information with appropriate confidentiality and sensitivity;

5. Being alert to and managing potential conflicts of interest which may arise whilst performing my role;

6. Developing and maintaining my professional knowledge and skills; and

7. Acting, at all times, in a fair, honest, trustworthy and diligent manner.

3.1 Many bankers already display high standards of customer-focused professionalism. The Code and the supporting professional standards to be developed by the CB:PSB will help individuals demonstrate their commitment to professionalism by setting clear benchmarks against which customers, colleagues, and others can measure their ethical and professional competence. The public will be reassured by an unequivocal demonstration of the banking industry’s determination to encourage agreed, industry-wide standards of ethical professionalism. This sharpened focus on standards of professionalism will instil a reinvigorated credibility among customers. For bankers, this is about sustaining a culture of professional development and continuous improvement, and pride in the banking profession.

3.2 The Code is consistent with many other organisational and professional body codes. Banks supporting the CB:PSB have agreed to subscribe to the Code and to embed its principles within their organisations. Other banks and financial services organisations are encouraged to support the CB:PSB and to subscribe to the Code wherever possible.

IMPLEMENTING THE CHARTERED BANKER CODE OF PROFESSIONAL CONDUCT

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4.1 Individuals signing an annual declaration that they agree to be bound by the Code will be eligible to become affiliate members of the Chartered Banker Institute (“the Institute”), a trading name of The Chartered Institute of Bankers in Scotland. Individuals meeting some or all of the professional standards to be developed by the CB:PSB may, in addition, be entitled to use an appropriate professional designation awarded by the Institute.

4.2 Positive support is provided through Continuing Professional Development (CPD) by employers, professional institutes and external vendors to help individuals maintain their ethical, professional and technical competence. Where individuals breach the Code, and/or fail to maintain the ethical, professional and technical standards expected, membership and the use of professional designations may be withdrawn.

4.3 The CB:PSB is not a regulatory body and does not have powers to accept or investigate complaints made by members of the public, fine individuals or ban them from the financial services industry. Where organisations supporting the CB:PSB believe an individual may have breached the Code (e.g., following an internal investigation or action taken by a regulator) they are required to inform the Institute which may, as one of a range of potential sanctions, remove professional status where an individual is found to have breached the Code.

MONITORING AND ENFORCING THE CHARTERED BANKER CODE OF PROFESSIONAL CONDUCT

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Drumsheugh House38b Drumsheugh GardensEdinburgh EH3 7SW

Chartered BankerProfessional Standards Board

Telephone: +44 (0)131 473 7777Email: simon@charteredbanker.comWeb: www.cbpsb.org

Chartered Banker Institute is a trading name of The Chartered Institute of Bankers in Scotland. Charitable Body No SC013927