Commenting, it said: "Proposals in the Queen's Speech build on previous announcements and underpin action banks are already taking to address the effects of the worldwide financial crisis and restore public confidence in the industry. We were already aware of many of the proposals and have been working with government, regulators and the Bank of England on the future shape of the industry in the UK.
"Banks have always said that pay packages should reward long term success and should not encourage undue risk taking. We have already signed up to remuneration rules with the Financial Services Authority and support moves by the G20 to co-ordinate international agreements, necessary to keep talent in the UK.
"At the heart of the relationship between banks and customers is a well educated, financially literate consumer base. Banks are fully committed to financial education and would support moves to refocus and target the estimated £100 million a year they already pay towards financial education. Simply asking the industry to pay more is not the best way to achieve the right result. Banks aim to sort out any problems customers have quickly and effectively but, clearly, redress also plays a part with the courts used only as a last resort.
"British banking is a global business and, while the sector welcomes reform, our concerns remain that moves to bind how our banks operate at home and overseas could put the industry at a serious disadvantage and discourage global banks from coming to the UK. This would be a major problem for jobs, the taxpayer and the wider economy as well as bad for business."
