Culture change in banks unlikely to happen in ten years, says CISI survey

People in the finance industry remain pessimistic about the pace of culture change in banks, according to the CISI’s latest survey

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The Financial Conduct Authority (FCA) announced in December 2015 that it would be shelving its review of banking culture and that the Banking Standards Board (BSB), owing to its status, is better placed to carry out such a review without raising any of the tensions which a visit from the regulator will inevitably raise.

Following this decision, the CISI's latest survey asked: “How long do you think it will take (from now) until the public really believe that banks have changed their culture?”

Of the 677 respondents, half said that it would take more than ten years – an increase of 11% since 2013, when the same question was asked. A further 29% indicated they thought it would be “between six and ten years” before a change in culture would be acknowledged.


Over 60 people left comments, including:

  • “There remains massive distrust amongst the public. I don’t see any sign of this reducing.”
  • “Unfortunately the constant trial by media, bad press and scaremongering has left a bad taste in the mouth of the general public.”
  • “Possibly never. The new generation of challenger banks must prove they are different and embrace ‘treating customers fairly’. It is too late for the old guard.”


How long do you think it will take before the public really believes that banks have changed their culture?

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Culture change at banks should be made publicSimon Culhane, Chartered FCSI said: “Over the last 18 months we have been involved with a number of major international banks, with significant presence in the UK, demonstrating quite clearly that they are serious about achieving culture change. But why are they reticent about making the fact public? Training should be not seen as a sign of inherent weakness but as a demonstration that a bank understands and accepts its responsibilities.

“In addition, we are partners in the Investing in Integrity (III) certification programme with the Institute of Business Ethics, which examines how successful firms are in introducing and embedding a code of conduct into their organisation. A number of major industrial and services companies have subscribed to this initiative – but financial services and banking, in particular, seem reluctant to put themselves to the test.

“Being more open about the actions that they are taking would, we believe, be seen as a positive step which would help to counteract the negative perceptions resulting from the FCA announcement.”

Published: 25 Feb 2016
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  • culture change
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