Redress for Banks is closing in on the £40 billion mark
According to Money Marketing, between 2008 and 2014 there were 21 million complaints made to banks.
A report states that “an aggressive sales mindset has been rewarded and reinforced across the industry for over a decade”. It further concludes that progress can only be made if banks drive change themselves, rather than simply reacting to regulation.
Many members of the interim management community will have created, worked or touched on programmes with the big banks and some of the smaller lenders that have fallen foul of the regulator and paid a financial penalty.
My question to the interim community is: ‘Why has this taken much longer than initially anticipated to get redress under control and to the satisfaction of the regulator?’
Looking forward to reading your answers!
Antony Flagg is the Senior Change Management Consultant at Interim Partners.