Banking reforms 'must benefit consumers'

Posted by Mark Cunningham

Consumers should be placed at the heart of any reforms imposed on the banking sector by the Independent Commission on Banking (ICB), an expert has suggested.

The ICB is currently deciding on its final proposals with regard to how the market should be altered in the aftermath of the recession and Angela Knight, chief executive of the British Bankers Association, has insisted it must consider the impact such alterations will have on the business sector and economy.

Ms Knight noted that the banking industry as a whole shares the aims of the body - which was established in June 2010 and is headed up by Sir John Vickers - in terms of limiting the possibility of further failure in the future.

However, she added that it must "bring forward some options and choices with a clear analysis of their impact on banks and on those who borrow" if its plans are to be successful.
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05/07/2011 14:56

News category: Consumer

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