I get asked a lot what would make the public trust the financial industry again. The answer is remarkably simple: all you have to do, I tell the assorted bankers, fund managers and financial advisers who ask, is be trustworthy and be seen to be trustworthy. Bring a little transparency, simplicity and honesty into what you do and all will be well.
I usually say this to enthusiastic nodding all round. But that nodding means nothing. If it did, the front page of the FT wouldn't have carried a story on Wednesday telling us that Rabobank has been fined $1bn for manipulating benchmark interest rates; that Deutsche Bank has put aside €1.2bn to cover various legal penalties; and Lloyds another £750m to cover the compensation it is having to pay out for PPI mis-selling. Its bill so far is £8bn. Real money.
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