The banking sector must show “contrition” for past failures and rediscover “a culture of the virtues”, the Church of England’s Mission and Public Affairs Council has said, in written evidence to the ParliaÂmentary Commission on Banking Standards.
The Commission was set up by MPs in the wake of the Libor scandal in July, to look at the proÂfessional standards and culture of the UK banking sector. The Bishop of Durham, the Rt Revd Justin Welby, is a member of the CommisÂsion, which is composed of five MPs and five peers…
The MPA Council’s submission states: “The question is not whether systems have been adequate to identify and deal with the bad apples, but whether the whole orchard needs replanting.”