Lloyds CEO, Antonio Horta-Osorio, says that banks need strict regulation so as to change the banking culture and win back customer trust. " A succession of revelations of past practises has rocked our industry to its core. PPI, Libor rate fixing, they have all taken their toll, and rightly so, on the relationship banks have with customers and society at large", he said. The Financial Conduct Authority (FCA) said it was "aware of a number of recent media reports about Barclays' conduct in relation to PPI [Personal Insolvency Payment] claims".
Lloyds CEO, Antonio Horta-Osorio, says that banks need strict regulation so as to change the banking culture and win back customer trust. "A succession of revelations of past practises has rocked our industry to its core. PPI, Libor rate fixing, they have all taken their toll, and rightly so, on the relationship banks have with customers and society at large", he said. In regards to Lloyds itself, Mr Horta-Osorio says that the bank was shedding non-core assets and focusing on its UK division, thereby creating a low-risk business.