UK banks set up taskforce to help restore public confidence

15 October 2012

The UK banking industry has set up a new taskforce in order to establish how consumer confidence in the sector can be restored in the wake of the financial crisis.

This panel will specifically look into whether the creation of a banking standards board will be enough to achieve this goal, as financiers remain under fire from the public for issues such as the Libor manipulation scandal, the Observer reports.

Lenders are already undergoing an investigation on their ethics from a parliamentary committee led by Andrew Tyrie MP, but Anthony Browne, the new chief executive of the British Bankers' Association, has explained banks are eager to appear on the "front foot" with regard to repairing their image.

Mr Browne told the news source: "There have been a lot of discussions about setting up a banking standards board to uphold ethical standards. We are now actively taking this forward."

He went on to say that public trust will take "a long time to get back" due to the extent of the damage the crisis has inflicted on banks.

By Tony Aynsley

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