Commenting on the Government’s response to proposals from the Parliamentary Commission on Banking Standards, Which? executive director, Richard Lloyd, said:
“It’s good to see the Government taking swift action to push through the majority of the Banking Commission’s proposals. This could signal the start of the big change in banking that consumers have been crying out for.
“However, it remains to be seen if this is enough to prevent future scandals and transform the toxic culture at the heart of the industry. While the Banking Commission was tough on punishment, it was weak on prevention, with too little detail about how to increase professional standards.
“The Government must quickly fill in the gaps and go further by introducing a code of conduct that is fully independent of the industry, and by injecting genuine competition into banking. The proposed review of account portability should be done as soon as possible, and we want the Government to use their shareholdings in RBS and Lloyds to bring about innovation and choice on the high street. Anything short of this will have no credibility with the public who cannot afford to wait a generation to see integrity put back into banking.”