‘Recent events have highlighted very clearly the extent to which something is rotten in the state of UK banking. We’ve only seen the very tip of the iceberg, and the coming weeks will see other banks implicated in ‘Liborgate’ and no doubt other financial scandals too. Such events reveal something more fundamental about the underlying culture inside these banks – and it is this that needs to change. People are becoming aware of the inherently unsustainable nature of the UK’s banking system, recognising established banks as opaque, irresponsible and with little regard for the trust and money their savers place with them.
Things will start to change now that people are prompted to think more consciously about their money and realise its potential to do good or bad.
“Switching current accounts is all very well, but the power for people to really effect change in the banking system lies in what people do with their savings.”
‘Customers who have put their trust in these banks for many years have asked few questions about what happens to their money once it’s deposited. They are now left smarting at the realisation that their hard-earned money is being used to gamble on the money markets, fund large executive bonuses, or engage in risky and complex financial transactions at their expense.
‘I think it is now clear that banking customers have had enough and are making it known that there has to be a fundamental change to the established banking system.
‘Many people are now asking for a return to traditional banking as a solution for Britain’s banking system. Traditional banking does not have to be boring banking – in fact traditional banking, in the form of socially useful banking, is a genuine and exciting alternative for a sustainable financial future.’