The chairman of the Financial Services Consumer Panel has called for the licensing of bankers.
Mike Dailly, giving evidence for the Consumer Panel at Wednesday’s Parliamentary hearing into Banking Standards has called for bankers to be licensed by a professional body.
The Panel condemned the culture of the UK banking industry and called for a mandatory and independent professional standards body for bankers. The Panel argues that unprecedented misselling scandals, unfair bank charges and poor complaints handling are symptoms of a deep-rooted cultural problems as well as a lack of competition in the banking system.
“Bankers need to have the same high professional standards as doctors and solicitors,” said Dailly. “They need to be licensed by a mandatory professional body so that there is credible deterrence for unacceptable behaviour and risk taking.
“Bank behaviour resembles a Tale of Two Cities. Sales customers get a Rolls Royce service. But those making complaints are passed from pillar to post. It is no longer acceptable to treat customers so poorly and nothing short of a revolution in attitudes to customers and behaviour is required.
“For too long bankers have enjoyed great power without having to take responsibility for their actions. No other profession has been allowed such a stranglehold on the economy and peoples lives without a code of ethical standards.
“Banking should be a profession where individuals know that if they fail to observe the highest standards of professional conduct they will be struck off.”