Britain's banking system is out of control, says TUC

date: 29 June 2012

embargo: For immediate release

Commenting today (Friday) on the latest news that banks have been mis-selling risky insurance products to small businesses, TUC General Secretary Brendan Barber said:

'Britain's banking system is out of control. We are now paying a heavy price for the decades when banks and finance persuaded politicians that they were the new engines of growth.

'Yet in just three weeks RBS systems have collapsed, Barclay's has been caught market rigging and now a range of banks have been exposed for selling risky investment bank products to retail small business customers. Across Europe millions are suffering austerity in order to bail out the banks.

'But the worst that ever seems to happen to top bankers is that they have to give up their bonus while they claim they did not know what was going on in the companies they run.

'It's time for a fresh start for our finance sector that makes banking a utility that serves the rest of the economy, and ensures bank cheats face prison.

'We need a Leveson-style inquiry for banks - in public, with cross-examination and the powers to make recommendations for genuine banking reform.'

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