Banking, currencies & finance

Banking | Currencies | Personal Finance | Compliance

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.

  

Relevant standards:

BS 8453:2011
Compliance framework for regulated financial services firms. Specification

BS 9222:2007
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

BS 11568-1:2005
Banking. Key management (retail). Principles


Key standards:

BS 8453:2011
Compliance framework for regulated financial services firms. Specification

BS 9222:2007
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

BS ISO 10668:2010
Brand valuation. Requirements for monetary brand valuation

BS ISO 11568-1:2005
Banking. Key management (retail). Principles

Achieving ISO/IEC 20000. Finance for Service Managers


Relevant books:

Managing Security in Outsourced and Off-shored Environments. How to safeguard intellectual assets in a virtual business worldManaging Security in Outsourced and Off-shored Environments. How to safeguard intellectual assets in a virtual business world
David Lacey

Read more about IT security outsourcing

 

Data Protection: Guidelines for the Use of Personal Data in System Testing
Louise Wiseman and Jenny Gordon
Download Chapter 1 free
Read more about handling personal data

 


BS 8453 helps firms meet increasing number of regulationsBS 8453 helps firms meet increasing number of regulations

We interviewed Ian Cornwall, Risk and Compliance Consultant, Bovill Ltd.

 

 

 

 

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