Andrew Haldane, the executive director for financial stability at the Bank of England, has urged banks to initiate root-and-branch reform themselves in order to restore the trust in the financial system necessary for a full economic recovery.

Haldane told an audience in Leeds on Monday that though confidence had recovered on the back of positive economic data, trust between banks and their customers would take longer to do so. "Moral compasses take rather longer to self-correct than magnetic