Radical reform of Britain's banking industry is required if there is to be any hope of of accountability among lenders and long-term prosperity, a new report by the Treasury Committee has found.According to the paper, the actions taken by the government over the past several years to avoid financial ruin have left many viewing the banking sector as one in which the most important firms will always be saved.John McFall, chairman of the Treasury Committee, highlighted the need for financial institutions to be more accountable in their business.He said: "The challenge is to make sure that the financial system itself is not, as it has been recently, a prime cause of such instability, and to ensure that, in so far as possible, financial institutions bear the consequences of their own actions."The report called for a 'living will' type system that would help limit the possibility of systemic institutions destabilising the market if they fail.This would also ensure that bank bondholders need to pay closer attention to their organisation's management and stability.For free advice on how to make a PPI Claim – Payment Protection Insurance claim or a credit card charges claim then call Belmont Thornton on 0845 526 0000 or fill in the Quick Claim form to be sent a free PPI Claim pack or credit card charges claim pack.Jennifer HainesJennifer's speciality knowledge is credit card changes and balance transfers.
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