Thursday 26 January 2017 / 11:27 AM 2017 Press Archive / The Latest from Labour

It is our hope that this significant fine will mark one of the final settlements in a dark period in the history of the banking sector – Jonathan Reynolds

Jonathan
Reynolds MP, Labour’s Shadow City Minister
, responding to the further fines for RBS from
its involvement in mis-selling US subprime mortgages in the run up to the
financial crisis, said:

“It is
our hope that this significant fine will mark one of the final
settlements in a dark period in the history of the banking sector. 

“We
need a long-term plan: not just for RBS, which continues to face its own
challenges, but to ensure that the culture and practices of our banking sector
are centred on the customers they serve.

“Protecting
the value of the taxpayers’ stake in RBS has to be the top priority for the
Chancellor, while also rebuilding the
reputation of British banking which plays such a crucial role in our economy.”