What'll fix the banks? Giving them tests!

16 March 2015

banks The culture around British banks is, it is fair to say, not very good. A lot needs to be done if the whole banking mess is going to be sorted out.

The Financial Conduct Authority have hit on an idea though! Why don't we treat bankers like children and make them sit a test every year? The new banking rulebook from the FCA reckons that bank staff should sit an annual test to see if they're fit to do their jobs.

This is all going to be announced by FCA gaffer Martin Wheatley, before the whole thing goes to a period of consultation, at which point someone will make sure it is turned down or made so flimsy that the high ranking bankers who caused the financial crash won't have to bother doing any tests.

It seems like this has come about from a recommendation from a Parliamentary Commission on Banking Standards, which in 2013, said: "The (Banking Reform) Act has introduced... the requirement for firms to certify certain employees as being fit and proper to perform certain functions."

"This originated from the PCBS's recommendation that a 'licensing regime' be introduced to address concerns that the existing Approved Persons Regime brought too narrow a set of individuals within the scope of regulation, and that firms took insufficient responsibility for the fitness and propriety of their staff."

Maybe someone should bring in detentions and bogwashing for bankers too?

TOPICS:   Banking   Debt


  • Albi
    This fixes the incompetent employees, but what about the other 99% who KNOW EXACTLY WHAT THEY'RE DOING. That's your problem.
  • James E.
    Anyone who has read "Alex" in the telegraph knows what a complete waste of time this will be.

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