Commenting today (Friday) on the latest news that banks
have been mis-selling risky insurance products to small businesses, TUC General
Secretary Brendan Barber said:
"Britain's banking system is out of control. We are
now paying a heavy price for the decades when banks and finance persuaded
politicians that they were the new engines of growth.
"Yet in just three weeks RBS systems have collapsed,
Barclay's has been caught market rigging and now a range of banks have been
exposed for selling risky investment bank products to retail small business
customers. Across Europe millions are suffering austerity in order to bail out
the banks.
"But the worst that ever seems to happen to top
bankers is that they have to give up their bonus while they claim they did not
know what was going on in the companies they run.
"It's time for a fresh start for our finance sector
that makes banking a utility that serves the rest of the economy, and ensures
bank cheats face prison.
"We need a Leveson-style inquiry for banks - in
public, with cross-examination and the powers to make recommendations for
genuine banking reform."
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