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King blasts bankers and urges government to split up banks

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The Governor of the Bank of England, Sir Mervyn King, has accused senior bankers of letting down their colleagues and giving customers “shoddy” treatment. King said that the the banking scandals unearthed this week reinforce the need for the recommendations of the Independent Commission on Banking, led by Sir John Vickers to be implemented, in particular the splitting up of retail operations from investment banking. Sir Mervyn said: "I would hope that Parliament would legislate on that as soon as they feel able to do so – all of the Vickers proposals. That is what we need to do to change the structure of the industry.

 

"We can see what has gone wrong. The idea that the culture of investment banking is the same as the culture of basic banking, I think it is very clear now that those two cultures are completely different, and they need to be separated." Introducing the central bank’s Financial Stability report, Sir Mervyn called for immediate and wide-ranging action to reform both the culture and the structure of the UK banking industry. The governor said: "From excessive levels of compensation, to shoddy treatment of customers, to a deceitful manipulation of one of the most important interest rates and now news of yet another mis-selling scandal we can see we need a real change in the culture of the industry."

 

He said the culture and structure in the banking industry and "excessive levels of compensation" had led to "shoddy treatment of customers". Sir Mervyn accused top bankers of letting down their staff. He said: "There must be many people who work in the banking industry today who know that they are honest, hard-working and feel that they have been let down by some of their colleagues and indeed their leaders." Sir Mervyn made his comments as the Financial Services Authority (FSA) published details of another banking scandal, the mis-selling to small and medium-sized businesses of complex interest rate swaps. This follows the news this week that Barclays and other global banks manipulated the Libor or interbank swap rates that govern the interest rate applied to trillions of financial transactions including loan and mortgage rates that everyday banking customers use.

 

More: http://www.myfinances.co.uk/savings/2012/06/30/king-urges-government-to-separate-retail-and-casino-banks


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