UK banks sign up to U.N.-backed responsible banking code

Britain’s banks will implement U.N.-backed “responsible banking” principles being launched next week that will influence lending and company behaviour, British banking trade body UK Finance said.

The principles seek to make banking more attuned to the needs of society and the environment. High bonuses and taxpayer bailouts in the financial crisis a decade ago led to a loss of public trust in banking that has yet to be fully regained.

The United Nations Environment Programme Finance Initiative principles will be launched during the annual U.N. General Assembly in New York next week.

Britain’s financial sector is facing uncertainty over future access to the European Union, its biggest customer, as the UK readies to leave the bloc next month.

Bankers should not take the UK’s leading position as a global financial centre for granted, added UK Finance Chair Bob Wigley.

UK Finance has asked Britain’s government to phase out a levy on bank balance sheets that was introduced after the financial crisis, Wigley said.

Via Reuters