Future of banking commission launched

Nia Williams

December 17, 2009

The Future of Banking Commission, chaired by David Davis MP, has been developed by Which?, following a proposal from John McFall MP, to put ordinary people and the wider interests of society at the heart of a reformed banking system. Peter Vicary-Smith, Which? chief executive, will also sit on the Commission.

The aim is to establish an independent banking commission that will: listen to the public’s concerns about banking; listen to the perspectives and concerns of industry and other bank stakeholders; enable the restoration of public trust and confidence in the banking system and make recommendations to establish a reformed banking system that serves the needs of ordinary people and the wider interests of society.

Which? research shows that eight in ten people don’t think banks have done enough to ensure that the credit crunch doesn’t happen again and six in ten don’t believe the banks have learnt their lesson from the crisis.

Peter Vicary-Smith, Which? chief executive said: “Since the financial crisis in October 2008, a number of reports have looked at the causes and consequences of the crisis and suggested possible solutions, but they’ve all been written from the perspective of bankers. Which? wants to ensure that, for the first time, the strong feelings of the general public are finally heard and acted on.

“It seems ludicrous that past banking inquiries have ignored those who have been hit hardest by the banking crisis – the ordinary people and the wider interests of society. This is an opportunity to right that wrong. We believe that this Commission is needed to restore trust between the public and the banks.”

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