Campaign to clean-up banking industry gains Huppert’s support
MP Julian Huppert is backing a national campaign calling for a clean-up of the banking industry to put customers before bankers.
The Big Change Campaign has been launched by consumer magazine Which? and pressure group 38 Degrees to improve the professional standards of the industry following multiple banking scandals that have destroyed consumer confidence.
Julian has signed a Commons’ Early Day Motion supporting the campaign and calling on the Parliamentary Commission on Banking Standards to make sweeping recommendations for improvement.
The EDM also calls for bankers to comply with a code of conduct and says they should be punished for mis-selling and bad practice. A return to banks for customers not bankers is needed, it says.
A survey by Which? revealed that 67 per cent of people believed bankers were unlikely to lose their job if they lie or cheat. A similar number believed bankers were unlikely to be sacked if they failed to comply with industry codes of conduct, delivered consistently poor service or received a high number of customer complaints.
Julian said: “This survey shows that most people still have little or no confidence in the banking industry to regulate itself. A profession, which once commanded immense respect on the high street is seen now as unethical and untrustworthy.
“We need sweeping reforms to root out bankers who are driven by profit and bonuses rather than the desire to put the customer first. There has to be major changes to banking culture and practices so that the industry can regain the status it once enjoyed and customers can be confident that they are getting the best service.”