The Conservative MP for South Northamptonshire and Treasury economic secretary said there was still “a lot of baggage” in financial services and claimed there was “quite a long way to go” to change a transaction-oriented culture.
UK financial services has been scandal-ridden since the onset of the credit crunch. In 2012, the regulator ruled that RBS, Lloyds, Barclays, and HSBC must reimburse customers mis-sold payment protection insurance while allegations that several banks, including Barclays, UBS and Deutsche Bank, colluded to fix the London interbank offered rate resulted in multiple fines in both the UK and USA.
