Professional Responsibility and the Banks

This chapter examines how the development and exercise of professional responsibility might make a valuable contribution to a good future for the banking sector and all those affected by it. It considers the idea of bankers as professionals. The terms ‘professional’ and ‘profession’ are used in a variety of ways in everyday speech. Perhaps the addition of a stronger sense of professional responsibility on the part of bankers would go some way towards justifying their rewards. Covering banks and similar financial institutions, the aim of the Senior Managers Regime is to focus accountability on a narrow range of individuals, encourage individuals to take responsibility for their actions, and make it easier for both banks and regulators to take greater responsibility for their actions. The banks themselves will have an important role to play, but this will necessitate the reversal of a long-term trend of becoming less closely linked to the professional bodies.