HSBC Holdings Plc and Citigroup Inc.’s top U.K. executives are among senior figures to join a board created to improve behavior and rebuild public trust in British banking.
Antonio Simoes, chief executive officer of HSBC in the U.K., and James Bardrick, chief country officer for Citigroup in Britain, joined the Banking Standards Board, it said in a statement Thursday.
The organization, established after the industry was hit by scandals including the rigging of benchmark interest rates and improper selling of loan insurance, is seeking to create voluntary guidelines for good practices. Backed by the chairmen of the country’s four biggest lenders, the board has 14 members made up of bankers and other senior people.
“Banks recognize the urgent need to raise their game,” Colette Bowe, chairman of the Banking Standards Board, said in the statement. “Trust in the system has been badly damaged and it’s no surprise that the public expects change after everything that has happened.”
Morgan Stanley International Chief Operating Officer Clare Woodman, Metro Bank CEO Craig Donaldson and Nationwide Building Society Group Director Alison Robb have also joined the board.
Richard Lambert, the former head of the Confederation of British Industry, created the group after a Parliamentary report recommended banks start an independent body to maintain standards. The body won’t lobby on behalf of the industry, nor will it have powers to punish individual bankers.
The board also named six non-banker members to join Bowe, CEO-Designate Alison Cottrell and Deputy Chairman John McFall. They are:
*Brendan Barber, chairman, Advisory Conciliation and Arbitration Service *Gillian Guy, CEO, Citizens Advice Bureau *Paul Johnson, Director, Institute for Fiscal Studies *Onora O’Neill, chairman, Equalities and Human Rights Commission *Susan Rice, chairman, Chartered Banker: Professional Standards Board *David Urquhart, Bishop of Birmingham, England