Barclays shows the way other banks must follow
IT will be a long time before confidence is restored in the banking industry, which is as much to blame as Gordon Brown for the dire state of our economy.
That said, the decision by Barclays to pay out millions in compensation to customers who were mis-sold insurance is a positive step which we welcome.
True, the cost to Barclays will be much less than to Lloyds, RBS and HSBC but at least there is a firm resolve at Barclays to do the right thing – and to do it swiftly.
The most unsavoury aspect of this whole affair has been the way the banks have consistently refused to acknowledge they were completely in the wrong.
But with three million customers owed up to £9billion it’s time for the industry to come clean and pay up.
Barclays has shown the way with the first compensation letters being issued today and now the other banks must follow their example and get moving without delay.
The whole episode has been a disgrace
The whole episode has been a disgrace.
Of course it will be painful for them.
Of course it will be expensive.
But our country can never get back on its economic feet so long as there remains the slightest suspicion that the bankers have pulled another fast one.