Proposed Banking Standards Review Council must address trust gap between banks and business

20th May 2014

Commenting on Sir Richard Lambert's Banking Standards Review published today, Dr Adam Marshall, BCC's Executive Director of Policy and External Affairs said: "Businesses up and down the country say that relationships with banks and other financial institutions deteriorated sharply with the financial crisis.

Although a recovery is now more firmly entrenched, banks have only just begun to repair relationships with their business customers. The establishment of a Banking Standards Review Council to improve standards could play an important role in ensuring transparency and in re-establishing trust in the banking system, for businesses and the public as a whole. To work, higher standards must be policed and enforced - if businesses and consumers are to see real benefit in the years to come."