Radical reforms are needed in the British banking industry in order to restore consumer confidence.
That is the opinion of Antonio Horta Osorio, chief executive of the Lloyds Banking Group, who believes urgent changes need to be made to the country's financial culture as lenders continue to be embroiled in scandal.
For instance, Barclays was fined around $450 million for its involvement in the Libor manipulation fiasco in July, while several major companies have come under investigation over their alleged involvement in illegal activity with Iran.
And, during a speech at the Confederation of British Industry Scotland's Annual Dinner in Glasgow last night (6 September), Mr Horta Osorio insisted banks must refocus their priorities sooner rather than later.
The official explained that the faith and trust of consumers in lenders has been slowly eroded in recent years because "many banks lost sight of their core values and became complacent, non-customer-focused and inefficient".
By Gary Cooper