The need for standards in the financial services sector
BSI’s range of financial services standards will help you improve service levels and provide reassurance that your company is not at risk of fines or reputational damage in an increasingly uncertain economic and regulatory environment.
The sub-prime crash of 2008 thrust the erstwhile booming financial services sector into the glare of public, government and media scrutiny. Continuing problems, from the global recession to the looming sovereign debt crisis, have only served to intensify this scrutiny. Many commentators question whether greater regulatory compliance and more stringent best practice could have prevented the crisis.
Dominique Strauss-Kahn, Managing Director of the IMF, blames the initial banking collapse on systemic regulatory failure to guard against excessive risk-taking across the financial services sector. Others believe that the belated introduction of new financial regulations could stifle economic recovery.
Whatever the arguments for and against government regulation, recent events in the financial services sector have certainly underlined the need for financial institutions, private companies, advisers and individual investors to comply with the latest standards and best practice.
Compliance framework for regulated financial services firms. Specification
Personal financial planning. Guidance on the application of BS ISO 22222 and assessment of compliance
BS ISO 22222:2005
Personal financial planning. Requirements for personal financial planners
BS ISO 4217:2008
Codes for the representation of currencies and funds
Banking. Key management (retail). Principles