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Banks 'need to be more ethical'

The banking sector needs to be more aware of its role in the wider community.

That is the claim from Triodos Bank, which found that 75 per cent of people in the UK feel their bank can be more socially responsible.

People are also becoming more inquisitive of their savings provider; 85 per cent want more information about what happens to their money after they have deposited it, the report found.

The Independent Commission on Banking has recently stated there needs to be changes in the banking sector, but Triodos's managing director Charles Middleton feels none of these proposed reforms address people's ethical concerns.

"There is a real sense that consumers are looking at their banks, the very organisations who brought the economy to its knees, and demanding they take an active role in helping to build it back up again," he added.

In September 2011, the Financial Services Authority reported that there was a further increase in the amount of complaints made against banks for their handling of PPI claims during the last six months.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-800760616-ADNFCR

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