More than 100,000 people have pledged their support for Big Change in banking with Which? and 38 Degrees.
Which? launched its campaign for Big Change in banking in September 2012, calling for a change in banking culture that would lead to banks prioritising their customers over sales.
Short-changed by the banks
Consumers have supported our Big Change campaign by signing our pledge and by sharing their views on Which? Conversation.
Which? executive director, Richard Lloyd, said: ‘The public have had enough of being short-changed by the banks. More than 100,000 people have now joined us in calling for big change in banking. They want the parliamentary inquiry into banking to back reforms that will make banks work for customers, not bankers.
‘It’s now down to the politicians and bankers to pay attention to this groundswell of public feeling and urgently make the fundamental changes that are needed. While senior figures in the banking industry say things have changed, much more action is needed if public trust is to be restored.’
Our campaigning efforts will continue until the government implements significant changes to the banking industry.
How Which? can make a change
Since the Big Change campaign began, Which? has:
- hosted an event for members of the Parliamentary Commission into Banking Standards to hear directly from consumers
- given oral evidence to the Parliamentary Commission into Banking Standards, led by Andrew Tyrie MP
- called for banking to set aside more funds to repay customer who were mis-sold PPI
- called for all banking and building societies to adopt new inventive schemes that reward customer service, as Barclays and the Cooperative Bank have done
- invited consumers to share their views directly with the commission via Which? Conversation.
The Parliamentary Commission into Banking Standards will make its recommendations to feed in to the Banking Reform Bill on 19 December 2012. Wider, non-legislative recommendations on how to improve banking culture will be made at a later date.
Big Change is calling for:
- Bankers to put customers first, not sales – with pay and bonus schemes that prioritise customer service over sales.
- Bankers to meet professional standards and comply with a code of conduct – enforced by a professional standards body independent of the banking industry
- Bankers must be punished for mis-selling and bad practice – with stronger criminal sanctions up to board level if they have presided over corrupt practices.