Dame Colette Bowe appointed new chairman of the Banking Standards Review Council

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An independent panel has appointed Dame Colette Bowe as the new chair of the Banking Standards Review Council (BSRC), the body in charge of monitoring the standards of UK’s banks.

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Bowe, former chair of telecom regulator Ofcom, was appointed by a panel chaired by the Bank of England’s governor Mark Carney and including the Archbishop of Westminster and the chairman of John Lewis partnership Sir Charlie Mayfield, among others.

She will replace interim chair Sir Richard Lambert, who was asked last year to create the BSRC, on November 1.  Lambert said he could not imagine anyone better qualified to take the job.

The BSRC was set up and funded by the UK’s largest banks as an independent body to promote “high standards of behaviour and competence across the UK banking industry”, with the aim of restoring public trust in the sector.

Bowe said, “This is a very big challenge but I am confident that we are all ready to give it our best shot. I certainly am and will press on with setting up the BSRC as fast as possible.”

Bowe, a graduate in economics from Queen Mary College, London and the London School of Economics, has worked in both executive and non-executive roles in the financial, media and consumer services.

Commenting on the appointment, Carney said, “Colette not only has a deep understanding of financial services regulation, but also a proven track record of improving standards of safety, fairness and integrity across a range of industries. I wish her every success in bringing that experience to the UK banking sector.”

Photo: Martin. via Flickr

Further reading:

Banking standards body to restore battered reputation

Banking standards body must be run by non-bankers, says review chief

BoE: more needs to be done to end ‘too big to fail’ banks

IMF: banks ‘too important to fail’ are taking bigger risks

The Guide to Sustainable Banking 2013