Today PWC revealed that banks had been fined £ 0.5 billion during 2013.
These fines were for a mix of "misdemeanours" including unethical selling as well as illegal acts such as Libor rate fixing. The figures don't even include "customer redress" so the actual amount is going to be even more massive and painful to the Boards of the banks.
It is no wonder then that the banks are finally getting the message from the Regulator that unethical behaviour and poor customer conduct will not be tolerated. Apparently there is now significant investment in customer focus to develop behaviours which genuinely treat customers fairly. The customer is apparently now topping the agenda.
It's surely time now for shareholders to take stock, gear up and assert their authority by backing the Regulator so that their investment and reputations are not damaged further.
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