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Loan Protection: Bankers should have to agree to a new ethical code

Bankers should be required to sign up to an ethical code before being allowed to work in the UK, according to an expert.

Simon Thompson, chief executive of the Chartered Institute of Bankers in Scotland, claimed that all banking staff should be forced to pass tests and swear an oath to practice in Britain.

He told financial website This is Money: "It wasn't so much banks that caused the financial crisis – it was the people in them.

"It was poor decisions and poor attitudes towards social responsibility. Banks were set up to support people and they lost sight of that.

"Of course you can argue 'how do you regulate ethics' but in Holland, Dutch bankers actually have to swear an oath. Other professions do it, why can't banking?"

Earlier this week, the Independent Banking Commission launched its investigation into the state of the UK banking sector.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800252533-ADNFCR

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