The Next Steps
For the first time the public have had a say on banking reform and the Future of Banking Commission heard you. And now it’s time to deliver the findings to the Chancellor, George Osborne. Thanks to your input we’re sending a clear message to government about how banking needs to change.
The Next Steps
The commission may have finished its work, but for Which? it’s only the beginning. Which? chief executive, Peter Vicary-Smith, explains how the report came together and where we go from here to see that the banking system changes for the good of consumers.
4 steps to George
Recommendations to government
The public’s message for the banking industry is clear – it’s time to start working to rebuild the trust of your customers and deliver a better service, and Which? will keep working to ensure this is heard.
The Future of Banking Commission report proposes a total of 39 recommendations to the new government, on structure, regulation and the culture of the banking industry. One of the most important points for consumers is that banks should reward branch and frontline staff for good customer service, not hitting sales targets, and senior executives for long-term business performance rather than short-term profits.
We’ll have more on how you can get involved soon, but in the meantime, you can spread the word by telling your friends about our message to the government, and we’d still like you to share your views and ideas on banking.
Consumer quotes from the report
- Participant, Which? Big Banking Debate
"Why does my bank only want to talk to me when it wants to sell something?”
- Participant, Which? Big Banking Debate
"I'd like them to understand that I have peaks and troughs…When you're doing well they're happy but they don't help when times are hard."
- Participant, Which? Big Banking Debate
“If a company makes a product which causes physical harm to its users, the company directors can be prosecuted and fined (even imprisoned) if they are shown to have acted irresponsibly.
The law should be extended to include bankers whose irresponsible or reckless conduct causes real emotional or financial harm to customers”.
Spread the word
Do you know someone who’d be interested in the future of banking? You can send them an email in just a moment.
