In response to the report from the Parliamentary Commission on Banking Standards, Which? executive director Richard Lloyd said:
“The ring-fence proposed in the Banking Reform Bill goes a long way to protect the interests of ordinary customers. But we won’t see the big change that is needed in banking unless more is done to increase competition and enforce high professional standards.
“The Chancellor and the Parliamentary Commission must both now go further and finish the job they have started to re-set banking and make banks work for their customers. Bankers should be required to comply with a fully independent code of conduct backed by statute, and the Treasury should act to end the unhealthy dominance of the biggest banks.”