A senior banking executive has called for changes in the law to allow criminal charges against banks who lend irresponsibly, after revealing the greater extent of debt related suicides.
The whistleblower, who worked on lending policy and strategy for a high street bank says: "The banks are basically neglecting their duty of care. They are putting profits before human life almost."
Eight people are known to have taken their lives after losing control of their debts in the last two years but the anonymous whistleblower says more have been hushed up by the industry.
“These suicides have been an inconvenience to the industry as a whole, and they have exposed the practices the banking industry has got away with for years and years and years. "
The link between chronic debt and depression is well known, with the Citizen’s Advice Bureau reporting that 62% of their clients say they are suffering from stress, depression or anxiety.
One quarter have sought help from their GP and just under half of those receiving medical treatment hold their financial problems responsible.
One client in Hampshire tried to kill herself three times after being threatened with eviction.
The whistleblower argues that banks need to be held responsible for these problems.
“These tragic cases where people have taken their own lives are the cost that is paid for irresponsible lending practices. This is exactly why the banks need to be curbed."
The interview was screened in the opening programme of Britain's Streets of Debt, Monday 5 to Friday 9 June, 9.15am, BBC ONE.
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Whistleblower tells BBC that banks “put profit before human life”
