Five years on from the day the global financial crisis officially started and the public are more disillusioned with the banking sector than ever before. As the Parliamentary Inquiry on Banking Standards prepares to get underway, a new Which? survey has found almost three-quarters (71%) of people don’t think UK banks have learnt their lesson from the financial crisis – up from 61% in September 2011. Consumers also have low expectations that the Inquiry will lead to change, with only a quarter of people (26%) confident that it will lead to positive improvements in UK banks. Since the start of the financial crisis consumers have been bearing the brunt of the recession with the Which? latest wellbeing survey showing that nearly half are worried about mortgage rates (45%) and the level of their household debt (42%). At the same time, consumers have been hit by a series of bank scandals, which have further exposed the broken culture and mismanagement in UKbanking. These include the mis-selling of Payment Protection Insurance (PPI), which is now on course to be the biggest financial scandal of all time, Libor interest rate rigging, and IT system failures at Natwest and Nationwide. Which? is calling for the Banking Inquiry to produce tough new proposals to force banks to work better for consumers by tackling the lack of competition and culture in banking.....Read more here: CCR Magazine - Five years on and three quarters of people say banks still haven’t learnt their lesson