Which? has demanded that bungling bankers are prevented from driving forward regulation of the financial sector, following the publication of a highly critical report.
The Treasury Select Committee’s Banking Crisis: dealing with the failure of the UK banks levels blame for the fiscal meltdown at banks.
It states that a ‘risk-taking’ culture permeated parts of British banking, and concluded that bankers made an ‘astonishing mess’ of the financial system.
Which? personal financial campaigns manager Doug Taylor said: ‘The banks brought about their own downfall, so unless we want history to repeat itself they mustn’t be the architects of reform. It’s now time for a new order in the banking world based on stability, genuine competition and the interests of consumers.
‘We’ve been calling for major changes to the way banks operate and the committee’s damning indictment of the banks’ incompetence couldn’t be a clearer message that the status quo can’t continue.’
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