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Grant Thornton comments on the Financial Services (Banking Reform) Bill

Paul Garbutt, Partner and Head of UK Financial Regulation at Grant Thornton UK LLP commented:

"The measures adopted into the Bill will no doubt serve as a catalyst for structural change in the sector. However, the recurring theme in recent fines and investigations in the sector has been that of 'culture' and how the culture of the banking sector – within both investment and retail banks – has been inherently flawed and in need of an overhaul.

"Senior bankers, regulators and politicians all recognise the need for a shift in institutional behaviour in the industry. The Bill is a significant step in facilitating a new dynamic; yet real change with a lasting, material impact will only come from within these organisations. No sensible banker can still think change is optional; most of the larger banks are making genuine efforts to tackle an inherently very difficult problem to shift their culture from within."