The Governor of the Bank of England (BoE), Mervyn King, has set Friday because of “culture” in the UK banking sector. “We need real change in the culture sector,” said Mervyn King, during a press conference on a series of recent scandals around the UK banks.
“It is time to do something in the banking sector,” ruled the governor who “hope everyone now understands that something really went wrong in the UK banking sector, and we need to restore order “.
He made particular reference to “excessive levels of compensation”, not always suitable treatment of customers or “deceptive manipulation of an interest rate the most important”, an allusion to the actions of Barclays unveiled this week.
The British bank was sentenced this week to record fines for trying to manipulate the reference interest rate for interbank lending, Libor and Euribor British European. This caused a scandal and earned him severe criticism in public opinion and politics, some even calling his boss to resign.
Royal Bank of Scotland (RBS) is also under scrutiny for over a week, because it never ceases to regulate the consequences of a huge bug, which affected millions of customers. The Times also claims that in turn could be fined for similar offenses to those leveled against Barclays. Neither the British financial regulator (FSA), or RBS made any comment.
The FSA has also added more Friday by announcing the discovery of bad practices in the marketing of financial products by the four major financial institutions in the country.