In response to the independent review by Anthony Salz into the culture at Barclays bank following the Libor scandal last year,
Which? executive director Richard Lloyd said:
“The Salz report shows once again why we need a big change in banking, with an end to the culture that prioritises sales over decent customer service and instead individual bankers being held to account for their behaviour.
“As Salz rightly points out, the problems are not confined to Barclays. To restore the public’s trust there must be a new, fully independent code of conduct for bankers, backed by statute, and no more rewards for failure.
“Barclays, and the entire banking sector, must now waste no time in learning these lessons and make 2013 the year we see banks that work for customers, not bankers.”
Notes to editors:
Over 130,000 people have pledged their support for ‘Big Change’ in banking with Which? and 38 Degrees.
‘Big Change’ is calling for:
- Bankers to put customers first, not sales – with pay and bonus schemes that prioritise customer service over sales.
- Bankers to meet professional standards and comply with a code of conduct – enforced by a professional standards body independent of the banking industry, with individuals required to comply with a code of conduct like the medical profession and struck off for malpractice, and bankers at the most senior levels to have compulsory qualifications and training in ethical behaviour and resolving conflicts of interest.
- Bankers punished for mis-selling and bad practice – with senior executives held accountable for mis-selling and poor conduct, stronger criminal sanctions up to board level if they have presided over corrupt practices, and bonuses to be clawed back in the event of mis-selling.