Triodos is a global pioneer of sustainable banking. Our mission is to make money work for positive social, environmental and cultural change.
Reform banking's roots, not just its branches
Triodos Bank responds to Ed Miliband's call for banking reform
17-01-2014 | At a speech to the University of London today, Labour leader Ed Miliband called for a major shake-up of the UK banking system . Triodos Bank’s Managing Director, Charles Middleton, responds:
"We absolutely agree that major reform to UK banking is needed, but believe that Ed Miliband’s suggested reforms will fail to address what’s fundamentally wrong with the system. It’s clear that a more diverse, competitive banking industry is needed, and limiting banks’ market share and forcing the big five banks to give up high street branches could go some way to tackle this - even if it does make it more difficult for us as quasi-shareholders get our money back. But it’s important to remember that it’s not the volume of banks, but their purpose and behaviour that really matters.
"It’s essential that any new challenger banks, formed from the constituent parts of the existing banks or otherwise, are not cut from the same cloth. This goes much further than market share, high street presence and remuneration, to a fundamental change in their reason for being, serving society rather than themselves. It means banks actively supporting the development of a more healthy and sustainable economy, acting with true integrity and not forsaking principles for the sake of profit.
"Only when banks are reformed from within will we start to have the banking system that consumers deserve and the economy needs in order to thrive."