Skip to main content

Principles and transparency

Consumer Banking

Our Customer Charter is aligned with our core Consumer Banking strategy of focusing on customers and treating them fairly. The aim of the charter is to improve our customers’ experience of banking with us. We want to build long-lasting, deep relationships with our customers, delivering on our brand promise to be Here for good.

The Customer Charter focuses on three areas:

1. Service:

We provide friendly, fast and accurate service to our customers, continually measuring ourselves against our customers’ expectations and the performance of our competitors.

2. Solutions:

We work hard to understand our customers’ financial needs and develop appropriate solutions to suit their individualcircumstances.

3. Relationship:

We focus on building long-term customer relationships and use our points based global Rewards Programme to reward our customers for banking with us.

Wholesale Banking

We are committed to treating our clients fairly, selling products and services that are appropriate for their needs. We strive to ensure that our employees are aware of relevant policies, procedures and best practices.

We focus on deepening core bank relationships with our clients, enhancing our client coverage and improving our product capability to provide relevant solutions for our clients’ needs.

Building long-term relationships with our existing clients is critical to our sustainable business performance. Our employees are expected to conform at all times to the high standards of our business, acting with the utmost integrity and honesty in all aspects.


Consumer Banking

Senior management engagement is a vital component of our efforts to treat customers fairly. Consumer Banking management is involved at all levels in ensuring appropriate processes, measures and actions are in place to ensure the fair treatment of customers.

Regular progress updates are reviewed by a Consumer Banking Voice of Customer (VOC) Management Committee, chaired by the Chief Executive of Consumer Banking.

Additionally, the fair treatment of customers is analysed at country level VOC forums that are led by Consumer Banking country heads. Regular progress updates are submitted to the Group’s Brand and Values Committee.

Vetting all product marketing material

Our Product Governance Committees oversee global product approvals for all new products, ensuring that these are appropriate for our customers. All product-marketing material is approved for clarity and fairness by our marketing and legal teams, before it can be used with customers.

Customer documentation is subject to ongoing review to improve user-friendliness and transparency.

Ensuring that our employees treat customers fairly

We have launched a new Customer Charter eLearning module that incorporates the principles of TCF to ensure that all our staff are trained and aware of the principles and encourage a culture of treating customers fairly. All existing and new Consumer Banking staff are required to complete this. Additional certification and accreditation is required for sales staff before they are able to provide advice to our customers. Remuneration scorecards are in place to provide a more balanced approach to incentives and encourage responsible selling.

Monitoring our responsible selling processes

We have implemented a suite of risk based assurance checks to provide ongoing and independent evidence of our treatment of customers. These include a programme of monitoring and auditing to check adherence to key customer processes. We supplement this with direct customer experience feedback, such as sample customer call-backs (where we check the customer’s understanding after a sale) and mystery shopping (where mystery shoppers sample check our employees’ adherence to key sales processes). Findings from our assurance checks are reported to Consumer Banking management and used to improve processes and ensure appropriate remedial action is taken.

Wholesale Banking

Our Wholesale Banking business focuses on ensuring that all products are sold with appropriate risk disclosures. Our senior management and business heads regularly reinforce this message, particularly in our Financial Markets and Origination and Client Coverage businesses.

In 2010, we improved our Wholesale Banking Appropriateness and Termsheet procedures and enhanced the monitoring of transactions in a number of areas, to ensure adherence to our policies and procedures.

Launched in 2009, our Culture of Excellence initiative includes web-based learning modules that help to reinforce staff knowledge of our policies, products, processes and procedures.

Aligned with our clear and disciplined business strategy and core values, we have reinforced the way we expect our staff to behave, focusing on five core principles:

Client-centricity: we provide solutions based on our clients’ needs and growth ambitions. This principle is a critical differentiator for Standard Chartered.

Collaboration: we work together in teams across functional and geographical boundaries, with an aim to delivering the best solutions and outcomes for our clients.

Excellence: we encourage our employees to set high standards for themselves and to seek continuous improvement. This is an important element of our risk and control environment.

Long-term performance and reward focus: we reward the best performers who create long-term shareholder value.

Integrity: we strive to consistently demonstrate the highest levels of integrity, starting with the way our employees behave on a daily basis.

Annual Report and Accounts 2010