UK banks have been pushed to define bank conduct and to develop new approaches to conduct risk and regulation. Regulators have expanded their focus from narrow corporate governance issues to an emphasis on making sure customers are treated fairly. As US banks undertake a similar journey, they can be guided by the experience of their UK counterparts.
In this effort, an emphasis on customer-centricity and cultural change can help avoid legal and regulatory risk while creating value for customers and shareholders. US banks can learn from what UK banks have done, both to make regulatory and compliance-related activities more effective and more efficient and to help establish a stronger competitive position.