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PPI claims: PCBS examining standards in banks

The misselling of payment protection insurance (PPI), the rigging of Libor rates and other scandals in the banking industry has led the government to examine issues relating to small businesses' and consumers' experiences of banks.

As a result, the Parliamentary Commission on Banking Standards (PCBS) has been set up and will be visiting Birmingham to hear about the relationship between lenders and the public.

Lead member of the panel Pat McFadden MP said: "Recent scandals show serious problems have developed in the relationship between banks and their customers.

"This panel will try to find out what lies behind this and how it might be addressed," he added.

Leaders from the UK's three main political parties called for the PCBS to be set up so it could report on the culture and professional standards within the UK's banking sector, taking account of competition and regulatory investigations.

Furthermore, it will consider what lessons can be learnt about transparency, corporate government and conflicts of interest through its reviews.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801453435-ADNFCR

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