Bankers recognise the need for change

Bankers are not complacent and recognise the need for change, the British Bankers' Association said today.

In response to the Chancellor's promise of a much tougher regulatory system to prevent a repeat of last autumn's financial crisis the BBA said: "Bankers are committed to the long term success of the banking industry and the UK economy. We are in favour of appropriate and effective regulation. We support rewards which recognise the long term success of the business and do not reward undue risk taking. We a re committed to working with government to support UK jobs and businesses and to learn from the mistakes of the past."