Standards panel will use ombudsman data to monitor bank quality
News that the planned UK Banking Standards Review Council will use ombudsman decisions to assess banks' internal cultures could mean trouble for some major banks
The planned UK Banking Standards Review Council (BSRC), outlined in a report published today by Richard Lambert, would look at complaint data from the Financial Ombudsman Service to assess banks' internal culture and controls – a measure which could produce dramatic differences across the industry.
Lambert, a former director-general of the Confederation of British Industry (CBI), was commissioned
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