Banks 'should act, not lobby against change'

23 November 2011

Banks should focus more on taking action to improve their financial situation instead of voicing their opposition to regulatory changes in the sector.

That is according to Bank of England (BoE) policymaker Robert Jenkins, who believes many financiers across Britain are not acting in an appropriate manner following the global economic downturn.

Speaking at the third Gordon Midgley Memorial Debate in London, Mr Jenkins criticised senior banking officials for speaking out against the introduction of bigger capital buffers on the basis this would curtail the country's economic recovery.

He noted this was a dishonest tactic as it could damage the nation's long-term prospects.

"Bank lobbies are winning the battles and losing the war. As for bank leaders, they need to lobby less and lead a lot more," the official added.

This comes after the government announced earlier this week (21 November) that major banks are to abide by more transparent rules on items such as current accounts and credit cards.

By Asim Shah

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