FEW industries have attracted more public outrage in recent years than financial services – and rightly so.

They have sold insurance policies that customers had not asked for, fixed bank rates, and paid underperforming bosses the kind of bonuses you would associate with a Premier League footballer. And, of course, they lent money so recklessly that they crashed the economy and triggered the deepest recession since the 1930s.

Even as images of frantic account holders queuing outside Northern Rock became the first visible evidence of an impending crash there was talk of the finance sector putting its house in order. But the talk, which led to a flurry of high level inquiries, did not lead to a great deal of action.

The scandals continued, and the rise of payday loan companies - likened by some to licensed loan sharks - added to concerns that parts of the industry were out of control and preying on the vulnerable.

We would never suggest that all lenders should be tarred with the same brush. Many building societies, for example, emerged from the financial crisis with their reputations intact. But we have been consistent in our view that this was an industry crying out for reform and greater choice.

News that Wonga – which has come to symbolise many of the payday loan sector’s most unsavoury practices – is wiping out £220m of customers’ debts could be a life-changing moment for thousands of cash-strapped people in our region. These loans should never have been made in the first place. Wonga is putting things right because payday lenders are being subjected to a crackdown that we hope will curb their worst excesses.

Meanwhile, Virgin Money’s decision to float on the stock market will boost the bank accounts of its 1,700 North-East workers by £1,000. It’s part of wider efforts to create banks capable of breaking the stranglehold of the ‘big four’.

Yesterday might prove to be a watershed day for lenders and customers.

Change is on its way. You can bank on that.