Lloyds chief Antonio Horta-Osorio will say that his bank are committed to the following changes:
- Ensuring pay is linked to the long term performance of the bank and that it can be clawed back.
- Reducing customer complaints.
- Building the safest bank in the UK by becoming completely ring-fenced ahead of the 2019 deadline.
Mr Horta-Osorio will add that a healthy banking industry can play a “full part in the economy, helping to sustain business growth, job creation and wealth generation".
– John Cridland, Confederation of British Industry Director-General
This timely speech rightly recognises that some banks may have lost sight of their core values and is a thoughtful assessment of the critical steps that need to be taken to restore confidence in the banking system.
A healthy and respected banking system is essential to support economic growth. Businesses want banks to provide transparent and straight-forward products and services, and a culture that is built around the customer.
We all want to see our banks re-build public trust, re-define their core values and live by them, as the best banks do.
Lloyds Banking Group chief executive Antonio Horta-Osorio will say that banks have lost focus on the customer, in a speech this evening.
Mr Horta-Osorio will say banks became “complacent, non-customer focused and inefficient" allowing high levels of complaints.
He will also say that banks sold overly complex products to customers "who didn't need or understand" them.
Lloyds Banking Group chief executive Antonio Horta-Osorio will call for banking reforms in a speech this evening.
In a speech to CBI Scotland, Mr Horta-Osório will say: "The industry must change. We must recast the banking model.”