– 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.
The boss of Lloyds Bank has said the industry cannot continue lurching "from crisis to crisis". António Horta-Osório said it must break with the culture of the past, saying they had become “complacent, non-customer focused and inefficient.”