100,000 join movement for changes in banking

Published on 10/11/2012 03:57

THE continuing public frustration with banking scandals such as the misselling of PPI, the fixing of the Libor rate and wholesale energy prices shows no sign of abating according to Which?

The consumer organisation says more than 100,000 people have signed up to the Which? and 38 Degrees Big Change campaign, which is calling for a wholesale review of banking.

Demands include a call for a professional code of conduct for bankers, bankers who break the rules to be penalised and banks to concentrate less on selling financial products and more on what customers actually want.

Which? executive director Richard Lloyd said: “The public have had enough of being short-changed by the banks. More than 100,000 people have now joined us in calling for big change in banking. They want the parliamentary inquiry into banking to back reforms that will make banks work for customers, not bankers.

“It’s down to the politicians and bankers to pay attention to this groundswell of public feeling and urgently make the fundamental changes needed. While senior figures in the banking industry say things have changed, much more action is needed if public trust is to be restored.”

David Babbs, executive director of 38 Degrees said: “As customers and taxpayers we’re fed up. Banks need to be giving us a proper deal and behaving better.”