This morning I spoke at the British Bankers’ Association conference in London about the future of banking, and the strengths that lie at the heart of London’s fantastic financial services sector – the largest in the world.
The key theme of my message was about “good culture” in the banking sector, and what we are doing to see UK banking restored to its rightful place as our hugely respected, globally admired, socially valued, core industry. And it is important to remember that financial services are a cornerstone of our economy, contributing almost a sixth of total UK economic output, and 12 per cent of total UK tax receipts.
That good culture is vital to how British financial services develop:
first, the “good culture” of putting the customer at the heart of everything we do;
second, the “good culture” created by a sound regulatory system;
third, the “good culture” of success and being the best in the world.
This means a lot of work: from government, from regulators, and especially from the industry itself.
You can read my full remarks here.