Corporate fiduciary 'should be open to public scrutiny'

Corporate fiduciary should be a matter of public interest, an industry body has suggested.

Today's (September 30th) publication of Financial Service Authority data on bank complaints was welcomed by the Financial Services Consumer Panel, which argues more should be done to throw light on corporate bank operations and fiduciary.

Chair Adam Phillips opined: "It is vital the Government takes steps to introduce greater transparency and takes away the bankers' cloak of secrecy."

The financial expert claimed "the right sort of information" will 'empower' consumers, allowing them to choose banks that run on the basis of integrity and respect.

This could support corporate fiduciary by reducing revenue for groups revealed to be working in an unscrupulous manner, while those that emerge with strong ethical principles should reap the benefits.

Lloyds Banking Group received the greatest number of complaints in the first half of 2010, recording more than 280,000, compared with 250,667 for Barclays and 244,978 against Santander.  ADNFCR-2318-ID-800091571-ADNFCR