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      Bank Conduct Costs (including provisions*) rise to over £200 billion for the period 2010-2014

      The CCP Research Foundation's Conduct Costs Project publishes its latest research into bank Conduct Costs

      The updated International Table, together with some high level analysis is available here.

      See here for the full Press Release

      *provisions (as at 31 December 2014) also include Conduct Cost-related contingent liabilities

       

    • Date 2015-05-14 00:00:00 +0100
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      The CCP Research Foundation's Conduct Costs Project, working with ShareAction, presents here a working paper on a framework for the public disclosure of conduct costs by banks within their Annual Reports. The proposal, which aims to resolve the issues with current disclosure practices in this area, is for a Conduct Costs Report. The CC Report, we argue, should be prepared annually, disclosed within the Annual Report and be subject to senior management appraisal in the context of the bank's agenda to restore trust among its investors and wider stakeholders.

      We are aware that a number of banks would like to improve their disclosure (which we would see as welcome evidence of a determination to control conduct risk) but there is a reluctance to be "first mover". With colleagues at ShareAction, we are, as of May 2015, embarking on a series of discussions with banks to try to persuade them of the need for, and advantages of, change. Please do not hesitate to get in contact should you wish to discuss this initiative.

    • Date 2015-05-22 00:00:00 +0100
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      In an article published in the Company Lawyer, Chris Stears and Roger McCormick offer their views on the issues of Conduct Risk facing banks (and their regulators). They explore solutions that include a periodic ‘Benchmarked and Comparative Conduct Risk Review” and a "database of Conduct Costs” (potentially hosted by the regulator(s)) that follows the framework devised by the Conduct Costs Project here at the Foundation. (see, Stears, McCormick, 'ConductRiskReviews' Comp. Law. 2015, 36(6), 175-179)

      We expect an editorial piece on the Foundation and the importance of the research it undertakes to be published in the Company Lawyer in July - so keep an eye out for that.

      Finally, we were pleased to see BBC News using the Conduct Costs Project’s results data in this article, published on 21 May 2015* 

      *the table was produced, at the request of the BBC, by filtering its data by "Conduct Costs" attributable to the U.S. More in-depth analysis is of course possible using the various metrics recorded against each conduct event within the Project’s database. Those interested in commissioning detailed analysis, beyond the results tables published online, should not hesitate to contact Roger McCormick

    • Date 2014-11-24 00:00:00 +0000
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      The Conduct Costs Project has published further research into the conduct costs of Deutsche Bank and Credit Suisse. In line with the Projects methodology, the results of these two banks are grouped into five year periods, namely 2008-2012 and 2009-2013. The International Results Table has been updated to include Deutsche Bank and Credit Suisse. 

      The Project has published the findings of Israeli (Bank Leumi Le-Israel Ltd.,First International Bank of Israel Ltd, United Mizrahi Tefahot Bank Ltd., Bank Hapoalim B.M. and Israel Discount Bank Ltd.), Australian banks (Australia and New Zealand Banking Group Ltd, Commonwealth Bank of Australia, National Australia Bank Group and Westpac Banking Corporation) and French banks (BNP Paribas, Crédit Agricole Group, Groupe BCPE, La Banque Postale and Société Générale).

      Additionally, the Project will be publishing the findings of its Regional Team (Portugal) and interim 2014 results (up to 30 June) of the UK banks (Barclays, HSBC, Lloyds Banking Group & RBS), throughout December.

       

    • Date 2015-05-05 00:00:00 +0100
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      Submit an article or commentary to the Foundation.


      See links to new contributions from Thurner, S (click here) and Khan, A (click here). 

      Readers are invited to submit papers to the Foundation for publication as articles or blog posts, by emailing info@ccpresearchfoundation.com.

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      It is often that the cost of misconduct that grabs the headlines of the Press. However, it is usually classified as Fines or Penalties or Legal costs.

      The CCP Research Foundation refers to this metric as “Conduct Costs” (see definition here) and not a simple matter of fines and/or penalties and / or legal costs. We are publishing a Preliminary Analysis of the Conduct Costs of the UK banks (Barclays, HSBC, Lloyds Banking Group and RBS) for the period 2008-2013, which illustrates the consequences of misconduct whether that be “Fines/Penalties”, “Regulatory-related conduct costs” and “Other conduct costs”.

      Available here, as an example of the underlying data to this analysis, is the RBS CCP1 form (including the Cost Codes) for 2013. Full data is available to members of The Conduct Costs Project Association.

    • Date 2016-01-04 00:00:00 +0000
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      Readers of this website will be interested to know that we have formed a new association for those who want to continue to have access to the detailed data that underpins the Project's famous "league tables" and participate in project-related events.

      For the Rules and Member Benefits, please click here. For the Subscription Rates for 2016, please click here.

      If you are interested to find out more, please contact Roger McCormick at roger.mccormick@ccpresearchfoundation.com.

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      On 17 November 2014, at the 2014 Monetary Authority of Singapore Lecture, Mark Carney (Governor of Bank of England and Chair of the Financial Stability Board) gave a speech on  the topic “The Future of Financial Reform”.

      To access the speech, please click here.

      Please note the reference to the Conduct Costs Project as the source of the Chart 13 (page 26).

    • Date 2014-12-10 00:00:00 +0000
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      The Conduct Costs Project has published the findings of the interim 2014 results (up to 30 June) of the UK banks (Barclays, HSBC, Lloyds Banking Group & RBS). Click here to see the Interim 2014 Results Table .

       

    • Date 2014-11-25 00:00:00 +0000
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      The CCP Research Foundation has been covered in the Press recently.

      It was referred on Reuters, on the Special Report: UK banks say 'smart' clients don't deserve compensation, on 25th November.

      It was referred in the article “Fines to rise as regulators continue to punish misconduct” of Incisive Media on 23rd October, in the Guardian of 12th November with the piece “Banks pay out £166bn over six years: a history of banking misdeeds and fines”, and regarding the FX recent news in the article “Industry Reacts to FX Fines and Looks to Road Ahead” of Profit & Loss,with the following comments of our Managing Director, Roger McCormick in the piece:

      “With regards to the FCA fines, it is disturbing to see that the relevant period appears to stretch well into 2013. Many hoped that the banks had turned the corner in 2012 when the Libor scandal broke and they indicated their determination in turning over a new leaf and being better behaved from then on.”

      Although many fines relate to misconduct before 2013, which the banks put down as “legacy issues” that new management will sort out, a number of transgressions occurred well into 3Q 2013, he points out. “The banks owe it to us to explain why we should have any confidence that we won’t be looking at a similar situation next year and find that the relevant periods have gone into 3Q 2014,” he adds. “It is beginning to look less and less credible for banks to say these are merely legacy issues and everything will be fine from now on. Clearly that it isn’t true and the issues are continuing year after year without a sign of a light at the end of the tunnel.”

      The Profit & Loss piece can be accessed here.

  1. The CCP Research Foundation is a new, independent social enterprise vehicle, set up to foster and support a new generation of research projects on the theme of "Conduct, Culture and People."  

     

    Contacts

    CCP Research Foundation C.I.C.
    info@ccpresearchfoundation.com

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    If you would be interested in being given an informal presentation at your offices about the work of the Foundation (and/or the Conduct Costs Project) and how its work relates to your business please contact: 

    roger.mccormick@ccpresearchfoundation.com

     

     

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