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Majority still want reform in banking

Tue, 09 Feb 2010

A new survey by Which? has found that a majority of people think that banks should be broken up in the wake of the recent economic crisis .

Seventy-four per cent said that they should be split up while 47 per cent believe that the wholesale and retail parts of the institutions should be separated.

The results of the survey, which was recently carried out at the organisation's Big Banking debate, will be put before the Future of Banking Commission.

Which? chief executive, Peter Vicary-Smith said: ""It's wrong that, until now, the voice of the customer has been missing from the debate on how to bring much-needed reform to our banking system.

"The Future of Banking Commission was set up to right that wrong and help deliver a banking system that works well for everyone, not just bankers."

The commission will be listening to evidence over the next few months to decide what sort of banking system the country needs.

Among the important figures set to contribute are Mervyn King, governor of the Bank of England, and Lord Turner, chairman of the Financial Services Authority .
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