Financial Services

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



Upcoming standards:

BS 8453
Financial services compliance - Framework

Organisations BSI is working with

BSI work with leading industry bodies and consultancies to ensure that our financial services standards are relevant, up to date and accessible:

PricewaterhouseCoopers
London Investment Banking Association
Securities & Investment Institute
British Bankers' Association
The Futures and Options Association
Association of Private Client Investment Managers and Stockbrokers
Association of British Insurers
Association of Professional Compliance Consultants

Key standards:

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

Achieving ISO/IEC 20000. Finance for Service Managers


Relevant books:

Dr Jenny Dugmore and Shirley Lacy

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

Managing 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 Financial services compliance - framework

Publication due: October 2010

BS 8453 Financial Services Compliance is a voluntary standard developed by industry and BSI for the regulated financial services sector – the standard sets out a framework for managing regulatory compliance.

  • The standard is applicable to regulated firms across the financial services sector
  • The standard seeks to benchmark good practice for operating an effective compliance programme, and compliance with the standard could help firms to meet their regulatory obligations more easily (and to lower compliance risk)
  • BS 8453 has been positioned to complement existing regulation and terminology, but allows firms to independently benchmark against a recognised framework standard.but is independent of it and can be adapted to reflect changes to the current regulatory regime. It does not seek to go beyond current regulatory requirements
  • Firms meeting the requirements of the standard can claim conformity (self-certify). Gaining independent certification against the standard is not mandatory, although being able to demonstrate conformity may provide assurance that the firm operates a sound compliance framework
  • FSA Position: the Financial Services Authority may take into account compliance with the standard but will not discount firms who do not adopt it
  • The standard is applicable across the whole regulated sector (wholesale, retail, investment).

What are the benefits of using BS 8453?

  • The standard specifies established good practice and processes for operating an effective compliance programme, working to the standard could help firms to meet their regulatory obligations more easily, lower compliance risk and to demonstrate that a consistent and auditable process has been followed
  • The Financial Services Authority may take into account compliance with the standard

Launch Event: Financial Services Compliance

October 2010, London

BSI has been working with professional associations and leading compliance consultants to produce BS 8453, a brand new standard for financial services compliance. Due for publication in Autumn 2010, BS 8453 will set out a concise voluntary framework for managing regulatory compliance.

To mark the publication of this groundbreaking new standard, BSI will be holding a half-day launch event in London in October. Join senior compliance officers and risk managers to learn more about the standard and how it can help in the administration and management of your compliance programme.

Visit the event website


Register and share your thoughts

To register your interest in attending the event, and/or if you would like to suggest topics for discussion, please complete our simple online registration form.

Please note: We will never supply your information to third parties for marketing purposes.

  
Visit the event website for full details of sponsorship opportunities, or contact:

Katherine Anderson
Producer, Conferences
BSI
T: +44 (0)20 8996 7705
F: +44 (0)20 8996 7888
E: katherine.anderson@bsigroup.com
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