In the early 2010s, in the wake of the 2008/2009 financial crisis, the U.K. government established a Parliamentary Commission to address company culture and professional standards in the country’s financial sector. After much review and collaboration with the seven largest British banks, the self-regulatory Banking Standards Board (BSB) was established in April 2015 with the intention of promoting healthy banking company culture throughout the nation.

Though the BSB’s initial remit solely concerned company culture in banks, firms outside of the banking world eventually developed an interest in the board’s work. This led to an expansion of the organization’s membership scope, and thus, the Financial Services Culture Board (FSCB) was born. The board could now work collectively with a wider range of firms to address culture more broadly throughout the financial sector. 

For years, the FSCB has worked with firms in the financial sector across the country to address company culture and improve standards of behavior and competence. Though it is closing this year due in part to a lack of funding to properly carry out its mission, the board has nonetheless conducted important research in order to create culture solutions benefiting banks and other financial firms.

Rick Borges, Director of Strategy at the FSCB, carries senior responsibility for the board’s annual assessment of culture, behavior, and competence. Having worked in the public sector for the U.K. Department of Health, on the National Information Governance Board for Health and Social Care, and in other high-level government positions, Borges brings to the table a wealth of knowledge on banking in the U.K. and around the world.

In his first Ascend Radio appearance, he speaks to Ascend Editor-in-Chief Paul Leavoy about a variety of topics, including but not limited to:

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• The collapse of Silicon Valley Bank (and whether regulation could have affected it).

• The efficacy of self-regulatory initiatives in the financial sector.

• How financial institutions can regain and retain the trust of investors.

• Company culture in the banking sector.

• The three lines of defense to manage risk in finance.

• The history of the FSCB and the circumstances surrounding its closure.

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