It still seems slightly bizarre that the country's big banks think they need to pay an outside body to tell them how to behave properly. But, if that's the true state of affairs, it's probably best that the new organisation has something concrete to talk about on day one.
The open question is how long any of these well-meaning initiatives will take to bear fruit. The banking crisis struck in 2008 and the first pledges of good behaviour were issued from boardrooms soon afterwards. Half a decade later, banks still regularly find themselves apologising for post-crisis failings.
If the new standards body is to be taken seriously by bank customers, it will have to condemn any failings of that type it encounters.
There would be a credibility issue - to put it mildly - if the
It's a tricky gig, in other words. At this point, one can only wish the new body luck and judge it on results.
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