Which? Chief executive Peter Vicary-Smith said:
“Today’s proposals sound very familiar – it’s what we’ve been calling for over several years. In our Future of Banking Commission in 2010 we advocated a new professional standards body to oversee banking, firm action to promote competition, and structural change as called for in the Vickers’ report.
“We’re now two years on from our report and a year on from Vickers – the time has come for action not speeches. We need to see the banking sector referred to the Competition Commission now to break the dominance of the big banks, the ring-fence between investment and retail banking brought in as soon as possible rather than in 2019, and tangible action on tackling the corrosive banking culture to turn this sector into a profession we can all trust again.”