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Bank claim: Minister calls for bank clean up

Minister for cities Greg Clark has promised that he will make UK banks the cleanest in the world despite recent scandals.

Following news that Royal Bank of Scotland (RBS) was fined £390 million for its part in the Libor scandal, making it the second biggest fine received in the Libor scandal so far, Mr Clark said that Britain’s financial services had faced “another day of shame”.

RBS have since been told by US authorities to enforce tighter internal procedures and policies to stop such a scandal happening again.

He said that UK banks need to re-learn ethical standards following their involvement in not only the Libor scandal but also the payment protection insurance (PPI) and interest rate swap mis-selling scandals.

The Banking Reform Bill was also recently put through Parliament as a means of improving the way that UK banks are run, saying that their investment arms and retail arms should be ring fenced to avoid taxpayers needing to bail them out again.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801537513-ADNFCR



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