Another bank swizz - Hold them accountable

A previous financial regulator played his part in our economic collapse, but he was not the only regulator accused of being asleep at the wheel.

The central bank came in for considerable criticism too. However, the banks played by far the leading role, so much so that we have become inured to financial scandals. But we must consider another one. Yesterday, the central bank named six of the seven lenders ordered to review how they sold payment protection insurance cover and has warned of enforcement action over any misselling.

In plain terms, another banking swizz has been uncovered, and it is hard to disagree with the assertion by Fianna Fáil finance spokesman Michael McGrath that the executives who presided over these schemes must be held personally responsible because, as he puts it, “the culture within the banks will never change until there are consequences for malpractice”.