Peter Michaelis

What the UK wants and needs from the banking system

Peter Michaelis

This article was first published by Alliance Trust Investments on 2 February 2016.
 
Over the past 18 months, a select group of influential bankers and stakeholders have worked together to produce a report which explores how to rebuild a healthy banking sector in the UK.

The report, based on the views of over 200 senior banking leaders, investors, sector experts, customers and civil society stakeholders, highlights three key recommendations to bank leaders:

1. Bank to better serve the real economy’s current and future needs
2. Bank leaders commit to work with the Investor Forum to create banking and investment cultures that enable the sector to deliver long-term value
3. Bank leaders commit to a public process involving consumers, civil society and regulators to improve their duty of care and respect for customers.


“The financial crisis was a painful reminder that commercial banks should operate for the good of the public, their customers. Now we must tackle the question of what banking system we do want. Banking Futures is an important initiative involving a wide group of stakeholders. It has a call to leadership, to respect customers and to support our economy. The report is an important start but it must not gather dust. Now we must make the change happen.”

Andrew Bailey, Deputy Governor Bank of England.

 

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Tuesday, February 2, 2016, 12:00 AM