Banks admit it is time to make changes

The Chief Executive of the British Bankers’ Association, Angela Knight, stood in front of the Treasury Select Committee and claimed the banks are ready for change. She said: “We have not run away or hidden from the need for reform or the need for review”.

The British Banking Association (BBA) is the leading UK banking and financial services trade association. It has over 250 members worldwide and acts on behalf of its members on domestic and international issues. All the big UK banks are members, you can see a full list here.

Although the BBA acknowledge the need for reform, Angela Knight had one or two warnings of her own. She made it clear that although reform was required, getting rid of existing pratices that worked was not an option:

“What we have to be careful about is not throwing out the good, not bringing in regulations that are inessential or that don’t fit.” She went on to warn that any reforms should be tackled on a global level, insisting that singing out the UK in this time of regression would harm the UK’s global reputation.