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Scandal-hit Co-op Bank polls public on ethics

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
05/12/2014

The Co-operative Bank has launched an online poll in a bid to understand customers’ views on values and ethics.

The scandal-ridden lender said the results of the poll will be used to “renew and refresh” the content of its ethical policy.

The poll will seek views on the five pillars of the bank’s current ethical framework – human rights, international development, animal welfare, economic and social development in Britain and environment.

It will also gauge opinion around three new areas: responsible banking, transparency, and treating customers fairly.

The review of the ethical policy follows a troubled year for the bank, which has included a probe by the regulator into failures which led to it receiving a rescue package of £1.5bn from its parent company and an investigation into former chairman Reverend Paul Flowers who was accused of taking class A drugs.

Niall Booker, chief executive of The Co-operative Bank, said: “This is an important milestone in the transformation of our bank. We have a clear turnaround plan with a vision to create a smaller, more efficient, sustainable bank focused on serving individuals and small and medium-sized businesses, which is set apart by its commitment to values and ethics.

“The Co-op is not like other banks. Our heritage, ethos and values are different. That is why it is so important to renew and refresh our values and ethics to ensure that the next chapter of the bank is true to its heritage and translated to today’s world.

“I want as many of our customers as possible to take part in the poll so that we can be the first bank to publicly survey its customers about ethics in banking following the financial crisis. It is essential to the future of our Bank and to helping rebuild trust in the banking sector.”

In 1992, The Co-operative Bank became the first bank in the UK to have an ethical policy. Since then it has been reviewed four times, hearing from over 250,000 of its customers.

The poll will run from 12th June until 30th June and can be found online at www.co-operativebank.co.uk/poll