The banking industry needs to make a Big Change if it’s going to regain your trust. To highlight the depth of the problem, I’ve rounded up some of your comments and suggestions on Britain’s broken banking.
Following the scandals that have plagued the banking industry, we launched our Big Change campaign to demand a fundamental change to banking culture. As part of our campaign, we asked you to share your experiences of banking and your ideas on how to fix it.
Your banking experiences
Mike Butcher used to work for one of the big high-street banks:
‘I worked for Lloyds from 1961 and left in 1978 after five years in management because we were told to sell financial products and make profits based on customers’ trust, not what was best for them.’
Thelorax is tired of the sales patter:
‘I started banking locally with the TSB which was a non-profit mutual bank, but it was bought out by Lloyds and has since been a poorer service – always pushing extras.’
However, Sara was a happy customer:
‘I might be a lone voice but I’m really happy with my bank. I have been with HSBC for almost 20 years – they haven’t always got it right, and I have occasionally been frustrated with telephone banking, but most of the time they get it right.’
How can we fix banking?
Many of you had some brilliant and insightful suggestions on how to fix banking culture. Par ailleurs wants an end to bonus culture:
‘Now if I could see bonuses abolished entirely that would be a start. Nobody ever suggested that my teacher’s salary should also come with an annual bonus. I did my job, was paid adequately and was happy with that.’
CityWatcher thinks a different business model could work:
‘Banks should be owned by the people working in them, whether as co-operatives, partnerships etc. That way, if the bank loses money, the staff do too. That keeps the staff motivated to provide a stable, low-risk banking system.’
Kristoffer Lawson believes we need to move forward:
‘Regulation is a very immediate, top-down solution, but given time pure innovation can also cause dinosaurs to stumble.’
Philip Gregory thinks conduct is vital:
‘As a member of a professional institution I am expected to follow a code of conduct which includes integrity, trust and treating others with respect. I would like to see bankers accepting similar codes of conduct and working to them and if that is to difficult then they should not be given responsibility for looking after people money or investments.’
So there you have it – that’s what some of you think about the state of banking. Do you have any more comments to add? Pat McFadden on the Parliamentary Commission on Banking Standards heard your comments and suggestions at our consumer panel on 24 September, and will use them to help shape the recommendations the panel ultimately makes.