The British Bankers’ Association (BBA) wants all UK bankers to join an independent professional body, similar to that of lawyers and doctors, reports FT.com.
If approved, bankers that breach ethical or professional standards risk being barred from the business.
This general register would go beyond the Financial Services Authority’s register, which applies to senior management or traders who can be fined or banned for explicit wrongdoing, adds FT.com.
Anthony Browne, BBA’s new chief executive, confirmed a general register for bankers was under debate.
Read: Deep UK recession could spur downgrade
In addition, UK banks have a new regulator: the Financial Conduct Authority (FCA).
Beginning in 2013, the FCA will monitor all financial services firms to ensure each puts the well being of consumers first, and that markets operate with integrity.
“The new regulator will have powers to intervene on products and prices,” says Eric Leenders, BBA executive director for retail banking.
He adds, “It will be involved at every stage of business development—including giving any new service the green light. We think the new regulator is taking the right approach to spotting potential problems before they arise.”
This news comes as the sector works to repair its reputation after being mired in scandal.