FOCUS July 2017 | Page 11

Chairman ’ s Corner

Michael Lafferty
I was 17 at the time and had come to London for a working holiday . Before long I was thinking about a professional career and soon found myself comparing opportunities in banking , insurance , law and accountancy . Having convinced myself that I wanted to study for a real profession , I could not get excited about banking or insurance . At the time both seemed half-baked in their approach to professionalism , whereas law and accountancy were the opposite – with demanding examinations , codes of conduct and not least a high status in society – whether in public practice or industry . In the end I opted to become a chartered accountant on a paltry salary of
£ 550 a year while I served my articles ( apprenticeship ), even though I could have earned four times as much if I had chosen to become a certified accountant .
The decision was the right one , and after four years of hard slog doing audit work across Britain and studying for my exams at night , I saw my salary multiply overnight when I earned the right to call myself a chartered accountant .
Unexpectedly , a career in journalism with the Financial Times beckoned , and that took me into writing about accounting , finance and banking – and eventually into setting up my own business . This has focused on the global banking industry , and retail banking in particular , ever since .
That journey eventually led to the establishment of the Retail Banking Academy , and it was here that I found myself thinking back to the decisions I made in the mid-1970s when I decided that the sort of professionalism I wanted was more like that of a chartered accountant than a banker . This is why we took my own professional body , the Institute of Chartered Accountants in England and Wales , as the model for RBA . So how does all this manifest itself in the work of the Academy ?
1 . The Academy has been established as a professional body with its own demanding qualifications , notably Certified Retail Banker ( CRB ) and Certified Cards and Payments Professional ( CCPP ).
2 . All members are bound by RBA ’ s code of ethics , which requires them always to act in the best interests of customers .
3 . Members are also required to follow a programme of continuing professional development ( CPD ).
4 . Finally , members are subject to the discipline of their peers .
The absence of a professional culture has undoubtedly been a major contributory factor in the banking crisis of the past 20 years . RBA aims to change this , at least in the field of retail banking . Hence our motto : Empowering Bankers . Serving People .

The Retail Banker ’ s Oath

“ I declare that as a retail banker I will act with integrity in the interests of bank stakeholders and society at large .

I will prioritise clients and advise them to the best of my ability . I will comply with all laws , regulations and codes of conduct that apply to me as a retail banker . I will maintain strict client confidentiality and hold myself accountable . I will not abuse my position , or the knowledge obtained in it .

I will make a sincere effort to preserve and promote trust in the banking sector , and will honour the profession of banker . ”