BVCA Welcomes Banking Culture Inquiry

The British Private Equity and Venture Capital Association has welcomed the Government announcement of an inquiry into the culture of banking. The BVCA is the industry body for the UK private equity and venture capital industry representing approximately 500 member firms.

PRESS RELEASE

BVCA welcomes Government announcement of an inquiry into the culture of banking
Mark Florman, Chief Executive of the British Private Equity and Venture Capital Association, welcomed the Prime Minister’s announcement of a broad inquiry into the culture of the banking industry and said:
“Whether it be the manipulation of Libor, mis-selling of interest-swaps to small businesses or the sense that individual customers feel that competition between the major banks is not what it should be, there is now a crisis surrounding the culture of British banking that only a deep but swift independent inquiry can address. The BVCA therefore welcomes the Chancellor’s announcement today. The use of a joint committee of MPs and peers is extremely unusual but reflects the urgency of the matter. It cannot be in the interests of banking itself, never mind the economy more broadly, for this to be seen as a sector that has moved from the standards and value of Captain Mainwaring to those closer to Arthur Daley in a generation. Banking should always aspire to be the ally of business and not perceived to be its enemy.”
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Notes to Editors:
1. The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has approximately 500 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.