Co-op Bank Review: “Organisation did not live up to ethical principles”.
Commenting on the findings of the nine month review of The Co-operative Bank, Charlotte Webster, Campaign Manager, Move Your Money said:
“Today we see exposed some of the biggest issues in our big banks. Sir Christopher Kelley’s review as to why the Co-op Bank fell finds, bottom line, the board did not ensure the organisation lived up to its ethical principles. A focus on growth, without due management, caused The Co-op to take on far more than it could chew. Big loans, combined with poor lending, PPI and a botched IT overhall led to the perfect storm. This is not the banking British citizens demand, nor deserve. Lets hope lessons fall hard on the industry, in the meantime people will continue to move their money to banks that are managed, ethical and provide security for an increasingly fed up public. There are over 70 banking options in the UK, many of which are ethical and doing a good job. You can find more on the Move Your Money website.”
This story was originally published at moveyourmoney.org.uk in 2014.