Which? calls for radical overhaul of banking sectorNew BBA chief must restore trust in banks
01 September 2012
Which? has called on the British Bankers’ Association (BBA) to restore consumer confidence in the banks in a letter to its new chief executive.
Confidence in banks hits rock bottom
Trust in the banking sector has reached an all-time low. Almost three quarters (71%) of people don’t think it has learnt its lesson from the financial crisis – up from 61% a year ago.
The BBA is the industry body for the sector and represents over 200 banks. Which? is urging its new chief Anthony Browne to seize the opportunity to transform an industry that consumers believe has lost its moral compass following bank bail-outs, payment protection insurance mis-selling and the Libor rate-rigging scandal.
Five steps to transform the banking sector
Which? chief executive Peter Vicary-Smith is asking for the BBA to prioritise five actions to make a real difference for consumers:
- Put customers first – help your members to prioritise customer service in everything they do.
- Drive up standards – champion practices that improve behaviour, and push the banks to be more accountable for bad practice.
- Establish the BBA as a credible voice - acknowledge the scale of reform and resist pressure to defend the indefensible
- Demonstrate leadership – be positive about reform, and ensure the BBA's stance doesn't simply reflect the position of the lowest common denominator.
- Up the pace of reform - help the banks to make changes now, rather than wait for the regulator or the government to force them to act.
Which? wants to see the BBA working with the banks to reform their practices and take real action rather than waiting for changes to be imposed on them.