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Campaigns | Banking reform

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Lloyds fined £28m for 'serious failings'

11th December

Lloyds Banking Group has been fined £28m for "serious failings" in relation to bonus schemes for sales staff.

Tracey McDermott, the FCA’s director of enforcement and financial crime, said:

'Customers have a right to expect better from our leading financial institutions and we expect firms to put customers first – but firms will never be able to do this if they incentivise their staff to do the opposite.'

Largest fine to be issued 

'Because there have been numerous warnings to the industry about the importance of managing incentives schemes, and because Lloyds TSB had been fined in 2003 for unsuitable sales of bonds, we have increased the fine by ten per cent.'

Which? agrees that it is right that in this case the Financial Conduct Authority is taking strong action by imposing their largest fine. This should send a clear message to the banking industry that mis-selling won’t be tolerated and that customers, not sales, must come first.

Our executive director, Richard Lloyd said: 'We now need to see the new professional banking standards body deliver a big change in banking culture across the industry, so that front line staff and their managers are not incentivised to sell products that customers don’t want or need.'


Banks can't be trusted to fix themselves

Following the Banking Commission's report, we have found that 53% of you are confident it will lead to improvements. But only 19% think the banks will be effective at making the changes in banking culture that’ll prevent future scandals.


The Banking Commission has released its final report signalling big change

19th June

The Parliamentary Commission on Banking Standards has released its final report, 'Changing for good'. We think the proposals signal the start of a big change in banking, but more will need to be done to transform the toxic culture at the heart of this industry.

Key recommendations

The recommendations cover a number of areas including: making senior bankers personally responsible, reforming bank governance, creating better functioning and more diverse markets, and reinforcing the power of regulators and making sure they do their job. 


Customers want an independent code of conduct for bankers

Our research finds that 86% of you want the banking industry to abide by an independent code of conduct to earn back public trust, as only 4% think bankers are likely to act ethically.

RBS is fined £390 million

The Financial Services Authority (FSA) and US regulators have fined RBS £390m for misconduct relating to the London Interbank Offered Rate (LIBOR). Is this a sign of a Big Change in banking?


A replacement financial regulator has been announced

19th December

New legislation will create the Financial Conduct Authority from April 2013 - a new regulator to replace the existing Financial Services Authority.


Bank staff reveal the stark reality

We’ve released our survey results of more than 500 front-line bank staff, revealing that pressure to sell still pervades the culture in the big five banks.

Credit card insurer hit with £10.5m fine

The Financial Services Authority (FCA) has fined CPP, the credit card insurer, £10.5 million for the wide-spread mis-selling of insurance products. We're pleased to see a small win for customers, not bankers.


We've launched the Big Change campaign!

We've launched our Big Change campaign, urging the Banking Commission and the government to make a Big Change in banking. We want the banks to work for customers, not bankers.
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