Applying moral philosophy to banking might not be the wisest of moves. The Marxists in the Labour Party would be insisting that the state must do it all, while the Aquinas wing of Christianity would possibly say the usurers will burn in Hell for all eternity. However, there is an interesting part of Marx that we can apply – the mode of production determines social relations. Further, that when the mode changes, so should the relations.
In other words, as TSB’s latest travails show, it might be time to put the computing industry in charge of retail banking. Or, to be less ambitious, perhaps, to actually recognise UK retail banking for what it is these days – a branch of the computing and tech industries, not something really to be run by bankers any more.