The Banking Standards Board (BSB) has issued a consultation seeking views on what outcomes of a good banking culture look like to consumers. The consultation will inform the BSB’s work in developing a consumer framework. The intention behind this framework is to:

  • enable the BSB to increase its understanding of consumer issues and concerns as they relate to aspects of the BSB’s work;
  • provide the basis for the creation of good practice guidelines for firms that serve consumers, along with a common language for both firms and consumer organisations; and
  • enable consumer and civil society organisations to engage more readily with aspects of the BSB’s work.

The deadline for comments on the consultation is 26 January 2018.

Following the consultation, and once the BSB has analysed all the responses received, it will publish a further and fuller version of the consumer framework. The BSB will consult with member firms and others about whether and how the outcomes identified can help in the development of standards of good practice that have value to consumers and that are relevant and applicable to consumer-facing firms of all business models, sizes and structures, and in the context of ongoing changes in technology.

View What do good banking outcomes look like to consumers?, 2 November 2017