Banks across the UK are putting vast amounts of money aside in preparation for more payment protection insurance (PPI) claims. With the deadline for PPI claims extended to June 2019, the pot of money for fines increased rapidly. The BBC reports Lloyds has set aside an extra £1bn for mis-sold PPI on top of the £16bn they have already paid out & that Barclays recently reserved £600m , which will see many large UK banks following suit. This article from the FT talks about Deutsche Bank also setting aside a staggering €5.9bn highlighting that this is not a stand-alone issue.
What if the banks took 0.001% of the amount set aside and spent it bringing their culture, strategy and governance together? This would not only reduce fines, but also create a deeper commitment to a shared ethos and principles to work by. You have to help people navigate the grey areas, not just give them a thick rulebook. We created the Belonging Framework to do just that. Our programme helps mitigate risk, improve decision-making, strengthen governance, and steer away from pitfalls & towards success.