LONDON: Banking is still in the early stages of the cultural change needed to regain public trust after a series of scandals that are already prompting customers to switch lenders, Britain’s top financial watchdog said on Tuesday.
Martin Wheatley, chief executive of the Financial Conduct Authority (FCA) said “culturally complacent” banks should realise that customers can switch to new entrants far more easily now if they don’t like the behaviour they see.
Banks should have “zero tolerance” for misconduct, he said.
His comments echo those from an independent think tank last month which said it would take a generation to fix a “toxic culture” in banking.
Picture Source:DAWN TV