LORD John McFall, the peer who led the parliamentary probe into banks and regulators following the financial crash of 2008, has warned it will take a generation before trust is restored in the UK's major banks.
The former Labour MP, who chaired the House of Commons Treasury Committee between 2001 and 2010, said there is a "noble objective" to restore pride to Scotland's centuries old financial sector.
But he warned the process of regaining consumer trust will be a "generational issue".
Lord McFall said: "I've always said if you are going to get change culture, it is a long-term process. It can't be done overnight.
"Cultural change has to come from within - it can't be imported. But there has to be an understanding of outside nature, and engagement with society on that.
"It's a long term issue. I've decided it is a generational issue. And I think in Scotland, where we have a proud banking and financial community for hundreds of years, there is a noble objective in re-establishing trust so we can reassert that role that we have had for those years."
Noting the provisions that banks are continuing to make for PPI (Payment Protection Insurance) mis-selling, in addition to the penalties some have faced over interest rate swaps and Libor fixing, Lord McFall added: "There's a legacy element there, and it's going to take a while for that legacy damage to be cleared up."
Lord McFall was speaking as he was unveiled by the Institute of Chartered Accountants of Scotland (ICAS) as a public interest member on its council.
The one-time chemistry and maths teacher, who was made a peer in 2010 after serving Dumbarton and West Dunbartonshire as an MP for 23 years, has been closely involved with the accountancy and auditing sector since the financial crisis. He noted that through his role in setting up the Future of Banking Commission, and his involvement in the independent Parliamentary Commission for Banking Standards, he has engaged with the profession over a long period.
The peer is a member of the House of Lords Economic Affairs Committee, which addresses issues such as the economy, banking, pensions, and investment in jobs and growth.
Asked what he hopes to achieve in his four-year tenure at ICAS, Lord McFall said: "I think a big issue facing the profession, as it does with banking, is restoring trust and confidence. It's that re-establishing trust and engagement.
"I've always felt that in order to fully understand oneself, you have got to have outside perspective on that. In this case, there has to be societal dimension to it, and I would hope that the role I've played as an outsider - who has engaged in the informed debate - will bring a different perspective."
Lord McFall's appointment comes shortly after it emerged that Stagecoach co-founder Sir Brian Souter is line to become ICAS vice-president, putting him on track to become president in 2017.
ICAS chief executive Anton Colella said: "Lord McFall is a man of the utmost integrity and is held in the highest regard for his many years of service to politics and public life, where has put the interests of ordinary people first. We look forward to the valuable contribution he will make to the work of ICAS in the UK and globally."
ICAS will this evening hold a general election debate at the Sheraton Grand hotel in Edinburgh. Hosted by broadcaster Kirsty Wark, the speakers will be Liberal Democrat MP Michael Moore, Conservative MP Murdo Fraser, SNP MP John Mason, and Labour MP Ian Murray.
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