The chief executive of Lloyds Banking Group, Antonio Horta-Osorio, has taken a stand against the tarnished image of the banking industry, calling for a return to simple banking to restore customer trust.
Speaking to an audience at the CBI Scotland annual dinner, Mr Horta-Osorio said that the public had been let down by "complacent, non-customer focused and inefficient" banks and that institutions must 'recast' themselves.
Mr Horta-Osorio conceded that bankers' pay had played a large part in the miss-selling scandals to rock the sector over recent months, with staff's focus on sales targets rather than the needs of customers.
"The banking industry has done itself no favours. Issue by issue and scandal by scandal, the faith and trust in our industry has been eroded.
"To restore trust, the industry must change. We must recast the banking model ... retail and commercial banks should be simple and they should be boring," he said.
The Financial Services Authority (FSA) confirmed earlier this week that it is to investigate possible cases of miss-selling by banks, including Lloyds Banking Group.
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