Hundreds turn out for Big Banking Debate
08 February 2010
Eight in ten people (81%) don’t think that banks are changing for the better following the financial crisis, says Which?*
This was just one of the revelations to come from the Which? Big Banking Debate, held in London last Thursday. The debate, which was attended by over 300 people, gave the public a unique opportunity to voice their views about the financial crisis and how banks can change for the better.
Nearly three quarters (74%) of those asked said that banks should be broken up to create more competition. 96% said that banks act more in their own interests than that of consumers while almost half (47%) of those asked said that the best way to improve the banks overall would be to separate the retail and wholesale side of banks.
The findings will feed into The Future of Banking Commission, which will be holding its first evidence session tomorrow afternoon at the Riverbank Park Plaza near Westminster. There will be two further sessions on Thursday 25th February and Thursday 18th March. Witnesses include Robert Peston, Mervyn King, Lord Myners and Lord Turner**.
There will be space for members of the press, public and other interested parties to attend the evidence sessions. If you wish to attend, please contact Alice Lythgoe-Goldstein on 0207 7707567 / alice.lythgoe-goldstein@which.co.uk
Which? chief executive, Peter Vicary-Smith, says:
“The fact that so many people will come out on a cold February evening in their free time to offer their views on how banks can change for the better shows the strength of feeling that is out there.
“It’s wrong that, until now, the voice of the customer has been missing from the debate on how to bring much-needed reform to our banking system. The Future of Banking Commission was set up to right that wrong and help deliver a banking system that works well for everyone, not just bankers.”
David Davis MP, chair of the Future of Banking Commission said:
“The debate was fantastic. We heard responsible, well-argued, erudite points of view. I came here thinking I knew the main issues we had to tackle on the Commission, I leave with a lot more to consider.”
Notes to Editor
*250 people answered questions using voting buttons during the Which? Big Banking Debate, which was held at the Royal Horticultural Halls on Thursday, 4th February. People attending the event were asked to discuss the aspects of banking that they wanted to see change and were given the opportunity to feedback the key points from their discussions and pose questions to members of the Future of Banking Commission..
The Future of Banking Commission is chaired by Rt. Hon David Davis MP. Other members of the Future of Banking Commission include Rt. Hon John McFall MP, Dr. Vince Cable MP Philip Augar (formerly a Group Managing Director at Schroders’ and now a writer on the financial services industry), Clare Spottiswoode (former DG of OFGAS), David Pitt-Watson (Chair, Hermes Focus Asset Management) and Roger Bootle (Managing Director Capital Economics) and Peter Vicary-Smith (chief executive, Which?)
**Future of Banking Commission evidence sessions:
Tuesday 9th February, Riverbank Park Plaza (18 Albert Embankment SE1 7TJ) – 13:30-17:00
David Harker – Citizens Advice
Toynbee Hall – Sian McLean
Adam Philips – Financial Services Consumer Panel
Jeff Prestridge – Mail on Sunday
Robert Peston – BBC Business Editor
Will Hutton – The Observer
John Wright – FSB
Brendan Barber - TUC
Thursday 25th February, Royal Society of Arts (8 John Adam Street WC2N 6EZ) – 9:30 – 13:30
Mervyn King – Bank of England
Jayne-Anne Gadhia – Virgin
John Kay – leading economist
Thursday 18th March, Royal Society of Arts (8 John Adam Street WC2N 6EZ) – 9:00 – 13:30
Lord Myners – HM Treasury
Lord Turner – FSA
Hector Sants – FSA
Philip Collins – OFT
Anyone who wants to attend any of the evidence sessions should contact Alice Lythgoe-Goldstein on 0207 7707567 / alice.lythgoe-goldstein@which.co.uk