Initiated by CBI business group former chairman Sir Richard Lambert, the BSRC was formed with an aim to create standards for the banking industry to follow, after the emergence of misconduct scandals recently.
Along with Goldman, some other US banks have refused to join the BSRC fearing that failure to meet the council’s standards could make them liable for legal actions.
Lambert told the publication: "Only a very, very small handful have said this isn’t for us.
"I think we can win over a number of Wall Street banks."
Started in May this year with seven major UK banks including Barclays, HSBC Holdings, and Banco Santander’s UK unit, the BSRC requires the banks to submit their customer complaints, banker conduct and bank culture information for the entire year, which would be included in their annual report.
Based on this report, the BSRC would know which bank is following their standards, and which are not, so as to take appropriate action and measures.
Image: Goldman Sachs Tower at 30 Hudson Street in Jersey City. Photo: courtesy of BigMac.
