Neil Carmichael
Main Page: Neil Carmichael (Conservative - Stroud)Department Debates - View all Neil Carmichael's debates with the HM Treasury
(11 years, 6 months ago)
Commons ChamberIt is essential that the banks do not do that. They need to be transparent as to the source of the payment to meet the fines—that is essential. Far from those people being masters of the universe, they are culpable of doing a great disservice in falling way short of the standards of behaviour by which most decent people up and down the country would expect to live their lives.
I welcome the statement and its robust and vigorous tone, which sets the scene for the appropriate direction of travel, but does the Minister agree that we need an influx of professionalism to the banking sector? That would be enhanced and made more likely by strong accountability mechanisms and more transparency. That is what I hear from small and medium-sized businesses who struggle to contact banks at all.
I completely agree with my hon. Friend. The commission led by my hon. Friend the Member for Chichester (Mr Tyrie) is looking at how such professionalism, which can be found in financial services, can be bolstered and further recognised.