“These proposals could signal the start of the big change in banking that consumers have been crying out for, but more will need to be done to transform the toxic culture at the heart of this industry.
“We welcome the measures on competition and greater senior accountability. But while the report is tough on punishment, it is too weak on prevention. The culture must change to prevent scandals happening in the first place.
“To bring about the necessary cultural change, the Government must go further and bring about a completely independent code of conduct. Anything short of this will have no credibility with the public, who have bailed out the banks and endured shoddy service, mis-selling and sky high charges for far too long.
“We now look to the Government to accept and implement reforms that help consumers without any further delay. We cannot afford to wait for a generation to see integrity and competition injected back into banking.”