Five years before faith is restored in UK banks

[Rock Private Office]

A large proportion of the British public believe it will be five years before faith is restored in UK banks, according to a survey conducted by Chartered Institute for Securities and Investment (CISI).

86% believe it will be at least five years before the banks regain the confidence of the country; 31% believe it will be more than ten years, and 26% believe it will take between six and ten years.

Participants cited the need to act with more integrity as one way of building trust.

The parliamentary commission on banking standards was published last week and recommended bankers should wait up to ten years before receiving their bonuses, and those found guilty of reckless conduct should be jailed.

In a statement on the report, CISI said:

“As the leading professional body in the wealth management and capital markets industry, we welcome the publication of the Tyrie report and in particular, its endorsement of the significance of professionalism, covering behaviour as well as technical skills.

The Institute welcomes the recognition that professional bodies should help raise standards, but is disappointed that the Commission drew back from encouraging the wholesale sector to belong to a professional body, especially as the CISI focuses on behaviour as well as skills, as demonstrated by its recent requirement that candidates who wish to enter the capital markets industry need to pass an integrity test prior to being permitted to sit for its examinations.”