In bankers don’t we trust

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As the FT notes this morning:

Large financial groups were ordered to shell out more than £160m in compensation to customers in 2011 as the UK Financial Services Authority cracked down on mistreatment of retail investors by some of the UK’s best-known firms.

The compensation payments dwarfed the £55.7m in corporate fines imposed last year by the City watchdog on firms including HSBC, Barclays and Royal Bank of Scotland

Of course £205 million is peanuts in relation to the assets of these organisations. The point is more significant:they can't be trusted to undertake even the most basic of tasks properly. And yet we still bow to their demands.