You are here: Home - Saving & Banking - News -

Lloyds boss tells banks to be ‘boring’

0
Written by:
07/09/2012
Banks need to become ‘simple and boring’ if they want to restore public trust in the sector, according to the chief executive of Lloyds Banking Group.

Speaking at the CBI Scotland annual dinner, António Horta-Osório said banks had let the public down by becoming “complacent, non-customer focused and inefficient”, The Telegraph reports.

He added: “The banking industry has done itself no favours. Issue by issue and scandal by scandal, the faith and trust in our industry has been eroded.

“The industry must change. We must recast the banking model … retail and commercial banks should be simple and they should be boring.”

Commenting on the FSA’s recent consultation paper on clamping down on incentives, he said banks had “focused too much on sales targets”, insisting that pay will increasingly become linked to the long-term performance of the bank in the future.

Meanwhile, Horta-Osório also urged the new regulator, the Financial Conduct Authority, to have “the courage to take pre-emptive action so we avoid costly and retrospective actions as we saw with PPI”.

His speech came just a day after it was revealed that Lloyds itself is being investigated by the Financial Services Authority over commission payments on its retail product sales.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
2203765-cityoflondon33
OECD slashes UK growth forecast

The Organisation for Economic Co-operation and Development has made a sharp cut to its forecast for UK growth in its...

Close