Ed Miliband urges a return to 'stewardship banking' He said the shift had resulted in the" mis-selling of products to small business, failure to lend," and the "fleecing of ordinary customers, such as in the payment protection scandal" and a culture "too often driven by short-term gain." "We need a banking system which serves every region, every sector, every business, and every family in this country," Mr Miliband said in a speech at the Co-op. Separating retail and investment banking as recommended by the Vickers report. • More competition by forcing the big bags to "sell off hundreds more branches." • The formation of a British Investment Bank to help small businesses. • A code of conduct for banks with those who break rule "struck off." • More criminal prosecutions for financial crimes. Mr Miliband attacked the bonus culture at banks, which he said saw Bob Diamond, the chief executive of Barclays who resigned last week after the bank admitted rigging the key Libor rate, making more than £120m over five years. He wasn't taking risks with his own money. He was taking it with other people's," he said, adding that to change this culture an ordinary bank employee should be on every bank remuneration committee. He said reforms we needed to build a "more responsible banking system to serve a more responsible capitalism" that can help rebuild the economy.