UK A defiant Lord Turner made a robust defence on Tuesday night of his allegations that the “swollen” financial services sector has produced “socially useless” products, telling a City audience that banks may become “boring” lower-risk, lower-return investments.
“Banks need to refocus their energies, not on those over complex products of no real use to humanity ... but on their core functions of providing savings and credit and payment products to customers,” the City regulator told the annual Mansion House banquet hosted by the lord mayor of London.
