According to the chief executive of Lloyds Banking Group, the sales culture of the bank which has riddled down as far as the industry of banking is concerned with all the involved scandals must come to an end and the lenders must recast themselves as boring along with being trustworthy while keeping a focus on the customers. António Horta-Osório was of the view that banks had let the public down by becoming complacent, non-customer focused as well as inefficient.

While speaking at the CBI Scotland, annual dinner, the boss of the bank which is 41 per cent owned by the payers of the taxes, he had to say that the banking industry has done itself no favors at all, what so ever. Issue by issue and then scandal by scandal, the faith and trust in the industry of banking has been eroded only. To restore trust the industry must change itself as soon as possible. The banks must recast the whole banking model, the retail and the commercial banks should be quite simple as well as they should actually be boring. He gave all these comments after the event when earlier this week, the bank had made a revelation that it is scrapping bonus schemes which the Financial Services Authority that is the FSA had claimed encouraged mis-selling to the customers.

Horta-Osório has been the chief of Lloyds for almost 18 months, he had acknowledged that pay had contributed to the problems the industry has experienced with mis-selling, and when he also said that the banks had focused too much on the targets of the sales targets. In future disburse will be more and more connected to the long-term act of the bank, & skilled of being clawed back where conclusions turn out to have dented the performance of the bank or had adversely affected the customers. Quickly get money for your urgent needs via 1 month loan [http://www.1monthloanuk.co.uk/] with simple terms.

The words said by Horta-Osório, were very much similar to those of former chief executive of Barclays, Bob Diamond at the time of last year for the banks to be better citizens. Diamond was enforced out of Barclays recently after the regulators had made a decision that they can no longer tolerate its aggressive high-risk culture. While making a point that Lloyds has already begun to recast itself, Horta-Osório added that it was the only bank that supported ring-fencing for separating the banking from the speculation banking. They have also kept a sum aside for PPI claims.