During the session, Erich Hoefer and Tse Koon discussed the significance of industry-led solutions in fostering a strong culture and conduct within the banking sector. Tse Koon, as the Chairperson for Singapore's Culture and Conduct Steering Group (CCSG), shared insights on the group's inception and purpose.
The discussion highlighted the importance of trust as a foundational element for the banking industry's operation and resilience. The CCSG's approach includes monitoring global trends, setting voluntary standards, and encouraging collaborative efforts among banks rather than competitive practices. This has resulted in significant improvements, such as the development of culture and conduct guidelines, self-assessments, and enhanced transparency in addressing customer complaints.
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