Return to values

Published on 10/09/2012 00:12

It IS interesting to see the chief executive of Lloyds Banking Group call for a “new banking model” since trust in the industry has been worn away (Business, 
7 September). I would argue that what we need is not so much to invent or create a new culture for the financial services industry, but find the way back to what should have been there all along. Many of the financial services organisations that have gone astray recently have lost touch with their stewardship mission, purpose, values and responsibilities; core elements of the historic culture of the financial services industry. It was not just about making money. It was about helping clients achieve their objectives, promoting economic growth and performing a social good.

Restoring the culture of financial institutions to what it ought to be is the top leadership challenge right now in the financial services industry. Regulatory reform is not enough. If we are going to keep future crises from happening, we now have to address cultural failings at the heart of the industry.

Graham F Watson

Chief executive

Positive Leadership Ltd