Peter Vicary-Smith, Which? group chief executive, said:
“After years of successive scandals consumer trust in the banking industry remains appallingly low, despite the flurry of new rules and legislation. A big change in the culture of banking is required so that customers, not bankers, are put first. So we welcome Sir Richard Lambert’s proposals for a Code of Conduct monitored by an independent and transparent body to help drive up professional standards across the industry.
“We urge every bank and building society to sign up without delay, and Which? looks forward to working with the new body to make sure that the interests of consumers are at the top of its agenda.”