Customers and taxpayers have been failed by the financial sector, according to the final report from the Parliamentary Commission on Banking Standards.The report, titled Changing Banking for Good, was published to outline recommendations for how the banking industry needs to change.It said that mis-selling scandals and bailouts had seen customers and taxpayers shortchanged. A peak of £133 billion in public money was paid to bail out banks, which accounts for £2,000 per person in the UK.Because of the mis-selling scandals, such as payment protection insurance, and the bail outs, the report noted that the reputation of the financial sector has been severely damaged and that banks would need to earn the faith of consumers again.Yet it added that some mis-selling was the result of poor financial literacy of consumers. Therefore, it suggested that banks need to be stopped from making complicated products and then blaming consumers when they realise they are not able to afford them.Samantha ClarkeSamantha is a former banking assistant and has over ten years experience in retail banking.
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