Co-operative MPs work to amend Financial Services Bill to embed fairness and social responsibility

Today the Royal Bank of Scotland, which also owns Natwest and is 83% owned by the taxpayer, announced bonuses of £800 million despite losses amounting to £2 billion. Meanwhile their score of -13 on Yougov’s consumer confidence index means RBS remains the least popular bank in the country.

They’re not alone. Over coming days, Lloyds and HSBC will also be announcing their business-as-usual bonuses. Whether it’s on ethical or consumer grounds, they score poorly.

These are the banks whose reckless actions brought us to the economic situation we now face. But the big five high street banks still have a 90% market share in the UK.

And, whatever the anger from the British public or warm words from the Conservatives and Vince Cable, there has been no significant banking reform as yet. Northern Rock was not re-mutualised. Bonuses continue to be paid.

That’s why Co-operative MPs are working to put forward amendments to the Financial Services Bill to make our economy fairer and our banks work harder for society.

But you too can make a difference – you can choose to move your money. By moving your money you can choose to directly support an ethical and socially useful bank and send a message about the sort of society and economy you want to see.

The Move Your Money campaign, backed by the co-operative movement, is asking consumers to leave the high street banks and move their money to ethical banks like the Co-op Bank or to mutual providers like credit unions and building societies.

Pledge to Move Your Money now

In the US, a similar campaign saw 10 million people join credit unions and similar organisations – 40,000 in a single day.

If you already bank with an ethical or mutual provider, tell your friends that March 2012 is Move Your Money Month. That way we can begin to change British banking for good.