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Bank claim: Banks must serve society, Archbishop claims

The Archbishop of Canterbury has weighed into the current banking crisis, claiming financial institutions must serve society, rather than their own interest.

Following scandals over PPI charges and Libor fixing, the banking sector has come under heavy criticism.

Now the Archbishop, Justin Welby, claims one of the country's biggest banks should be broken up to create more local lenders, the Daily Telegraph reported.

This will help to decentralise banking from the capital and address the "concentration" in the industry.

"What we’re in at the moment isn’t a recession but some kind of depression. It needs something very, very major to get us out of it, in the same way it took something very major to get into it," he said.

This comes after the government announced its desire to break up the Royal Bank of Scotland and Lloyds Banking Group.

Should such plans be adopted, the sector is likely to look much different in the future.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801575860-ADNFCR



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