The CBI today responded to a report on standards in the UK banking industry by Sir Richard Lambert.
Katja Hall, CBI Deputy Director-General, said: “With the UK economic recovery gathering momentum it makes sense for the regulatory focus to concentrate on how banks can best serve their customers, especially entrepreneurial growing businesses, which need their support.
“Sir Richard’s recommendations for banks to commit to driving continuous improvement, with transparent public reporting, alongside new good practice standards, are a sensible way forward.
“With the political and regulatory spotlight now firmly on conduct, a swift and positive response from the banks to these proposals, combined with changes already underway, should help to rebuild trust in this important sector over time.
“In addition, with more new players entering the banking sector, and competition hotting up, good customer relationships are a real competitive advantage for banks.”