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  • The Daily Telegraph

    Bank of England warns of tougher curbs on mortgage lending

    The Bank of England has warned that obtaining a mortgage is about to become even more difficult.

    by Myra Butterworth






News Article

 

Banks must 'raise their game' to win back public trust by Andrew Trotman


Banks must "raise their game" to regain the public's trust after a string of scandals, the chairman of the body tasked with improving standards in the financial sector has said. Dame Colette Bowe, of the Banking Standards Review Council (a former telecoms and financial regulator), warned that trust in the industry had been "badly damaged" following large-scale insurance mis-selling and the manipulation of Libor, and unveiled a 14-member board tasked with supporting and encouraging change in the UK's lenders. She went on to say, “A healthy society and a vibrant economy like the UK needs well-run banks and building societies that understand and serve the needs of people and businesses.From paying household bills to growth finance for business, millions of us rely on the banking system every day. Some 500,000 people across the UK work in this industry but trust in the system has been badly damaged and it’s no surprise that the public expects change after everything that has happened. Banks recognise the urgent need to raise their game and build the necessary momentum for change. It won’t happen overnight and it will be an uncomfortable journey but the time has come to win back trust."


02/04/15