Published: Tuesday, 26th January, 2010 3:28pm

The banks owe the ordinary person a say in their future

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The economic crisis has hit the ordinary person the hardest.

Therefore the interests and views of the ordinary person must be at the heart of the effort to reform the banks.

Last week, I was presented with the Consumer Champion 2009 award by Which?, the consumer watchdog.

In its dedication, it recognised the work I and my committee have done to improve financial services for consumers.

The need for the customer's voice to be heard is now more important than ever.

There is a worry that the banks may be going back to 'business as usual'.

We have seen the banks pay out large bonuses whilst bank charges have risen for many.

The banks need to go back to basics.

Financial services, such as a current account or a savings account, are not a luxury.

They are essential to us all.

We need them to be safe and accessible for everyone.

There have been many reports on how to move forwards from the meltdown - yet none of these initiatives have focused on the customer.

They have not considered how the ordinary person has been affected by the crisis.

There is rightly a lot of frustration about the bank bailouts.

More than £800bn of taxpayers' money has been pledged to rescue the banks.

Yet six out of 10 people do not believe that they have learned their lesson.

Even John Varley, the chief executive of Barclays Bank, has said that trust and confidence in the banking sector has broken down.

That is one of the reasons why I have recently launched the Future of Banking Commission.

This is a cross-party group chaired by David Davis MP, and includes Vince Cable MP and myself.

A number of respected experts also sit on the panel, such as economist Roger Bootle, former regulator Clare Spottiswoode, and the Rt Rev Christopher Jamison, Abbot of Worth.

The commission will bring together the views of the customers and the financial industry, aiming to forge a new financial architecture - focusing on how banks can serve the interests of wider society.

I also hope that this will help bridge the gap between the industry and the public.

If customers are better informed and better protected, we can make the financial sector stronger and more competitive, and serve the wider interests of society.

The banks are indebted to the taxpayer, for the bailouts and for the economic damage they have caused.

They owe the public a voice in the debate on their future.