Banks: No trust 'til you raise your game

2 April 2015

Bank Do you trust the banks? Of course you don't. A 3 second-old newborn could tell you that. Even a barely sentient cloud of krill could defiantly tell you that no-one trusts those swine.

And now, in stating the obvious news, we have Dame Colette Bowe of the Banking Standards Review Council, who says that banks must "raise their game" to regain the public's trust after a string of scandals.

Dame Bowe (Dame Bowe, Dame, Dry Bones) of the BS Review Council, warned everyone that the trust in the banking industry had been "badly damaged", thanks to PPI misselling, the manipulation of Libor and... well... all the other bad things they've done.

Bowe unveiled a 14-member board who have been tasked with supporting and encouraging change in the UK's lenders and said: "A healthy society and a vibrant economy like the UK needs well-run banks and building societies that understand and serve the needs of people and businesses."

"From paying household bills to growth finance for business, millions of us rely on the banking system every day. And some 500,000 people across the UK work in this industry. But trust in the system has been badly damaged and it’s no surprise that the public expects change after everything that has happened."

"Banks recognise the urgent need to raise their game and build the necessary momentum for change. It won’t happen overnight and it will be an uncomfortable journey but the time has come to win back trust."

So who has been roped in, to sort everything out? A load of bankers! On the team, there's Craig Donaldson (chief executive of Metro Bank), Alison Robb (group director of Nationwide), Antonio Simoes (UK CEO of HSBC), Clare Woodman (chief operating officer at Morgan Stanley) and James Bardrick (chief country officer for the UK at Citibank).

That's not all! We've also got some trustworthy politicians as well, such as Lord McFall (used to be a member of the Parliamentary Commission on Banking Standards) and Alison Cottrell (another former Treasury director). There's also some bishops and someone from Citizens Advice too.

The Dame added: "Through concerted, collective action, the board will support and encourage sustained change for banks operating in all areas of the market – retail, investment and commercial. That change will be equally relevant to incumbents and challengers, to banks and building societies."

 

TOPICS:   Banking   Investments

1 comment

  • Dacouch
    How appropriate the review looking into banks is called the B.S Review Council

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