Banking executives in the UK need to make sure their companies are geared towards serving their customers first and foremost.
That is according to Andrew Bailey, head of the Prudential Business Unit at the Financial Services Authority (FSA), who has called on financiers to operate for consumers as opposed to being focused predominantly on profit growth.
During a speech delivered at the Edinburgh Business School yesterday (4 October), Mr Bailey explained that new rules coming into force as of next year should ensure that banks have "economic wellbeing" as their "ultimate goal".
"One of the biggest lessons I take from the financial crisis is the need to ensure that the boards and management of firms appreciate and act consistent with the public interest," he added.
The FSA official went on to say that the regulator is prioritizing increasing the resilience of the British banking system while also supporting the creation of credit in the country's economy.
By Tony Aynsley