The chief executive of Lloyds Banking Group has called for banks to become ‘simple and boring’ to win back the trust of the public. Antonio Horta-Osorio said that the public had been let down by “complacent, non-customer focused and inefficient” banks and too much focus had been applied to sales targets, at the cost of providing good, honest service. Speaking at the CBI Scotland annual dinner, Mr Horta-Osorio said: “The banking industry has done itself no favours. Issue by issue and scandal by scandal, the faith and trust in our industry has been eroded.

To restore trust, the industry must change. We must recast the banking model,  retail and commercial banks should be simple and they should be boring.” Mr Horta-Osorio took the opportunity to state that Lloyds had begun to ‘recast’ itself and was “the only bank that supported the ‘ring-fencing’ to separate retail high street banking from investment banking”. Lloyds, as well as a number of other banks, is currently under investigation by the Financial Services Authority (FSA) regarding the miss-selling of financial products to its retail banking customers. – Moneyfacts

This is something that we have been saying for the last 6 years.

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