G-7 Said to Ask FSB to Develop Conduct Code With Global Banks

Finance ministers of the Group of Seven nations asked Financial Stability Board chief Mark Carney to work with global lenders to develop a code of conduct, two officials briefed on the discussions said.

After a slew of scandals dented public trust in the industry, G-7 ministers meeting in Dresden, Germany, said they wanted individuals to take more responsibility for their behavior, the people said, asking not to be named as the matter isn’t public. The G-7 said it would welcome efforts by lenders to propose guidelines and encourages the FSB to work as an adviser.

A spokesman for the presidency of the G-7 declined to comment. Carney is also governor of the Bank of England.

The world’s largest banks have suffered blows to their reputation since the financial crisis, including the furor over currency-benchmark rigging that saw six lenders including JP Morgan Chase & Co. and Barclays Plc agree this month to pay a total of $5.8 billion in fines. While banks have admitted culpability, prosecutions of individuals have been rare.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE