The Future of Banking Commission report was hand-delivered to the Chancellor, George Osborne. The report’s recommendations include calling for banks to put consumers’ long-term needs ahead of short-term profits.
The report was hand-delivered to number 11 Downing Street and makes a number of recommendations designed to include the UK banking culture. It also called for a ‘profound change to the banking industry’ and its recommendations include protecting customers’ deposits and calling for banks to put consumers’ long-term needs ahead of short-term profits.
The report was delivered in person by Future of Banking Commission members Vince Cable, the business secretary, Commission chair David Davis MP and Which? chief executive Peter Vicary Smith.
Several key players in the financial sector have commented on the Future of Banking Commission report. The British Bankers Association agreed with many of the report’s findings, but added that the financial services sector was already moving in the right direction, having made ‘significant changes’.
Virgin Money, which plans to enter the current account market in the near future, said the report should ‘provide the blueprint for banking reform in the UK.’ Mark Hoban MP, financial secretary to the Treasury, also welcomed the report.
The government followed up the Future of Banking Commission by establishing an Independent Commission, which is to report in September.
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