What do MPs know about banking?

Every MP has an opinion about bankers and banking, usually negative and generally built around some notion of pleasing an electorate that is perhaps understandably largely not enamoured with the industry in general. Unfortunately, the desire to have a pop at the banks can interfere with reasoned debate and turn common sense on its head all too often. That is not the case, in my humble opinion, of the Treasury Select Committee which has expressed surprise at “how unprepared banks were to deal with potential internet fraud” and according to The Telegraph are recommending competition authorities should investigate what can be done to improve matters of security.