"You screwed up and you need to work hard to regain people's trust," was John McFall's message to the financial world at a Fabian debate.
"It doesn't matter whether it is a Labour government or a Conservative one that is returned, public pressure will bring about change," said McFall, chair of the Treasury Select Committee.
He said trust and confidence has been lost in the banking system has been lost.
"Renumeration will need to be addressed," he argued.
He asked why is "banking unique, where the bankers need to have a big bonus when they get out of their bed in the morning?"
"I tell my constituents it was important to save the banks: they don't understand that."
The financial industry thought that "in a couple of years time that everything is going to be the same. I can tell you everything is not going to be the same".
"The social contract between the financial services industry has broken down now...In future that social contract has to be built up again," said McFall at the Fabians' Trust and the City event.
"It's not business as usual," he added.