That is harder than being a Student Loans Company, because

(1) a bank needs an elaborate system for allowing customers to withdraw and deposit money 24/7;

(2) it has to decide on appropriate rates and other terms (in other words it has to deal with competition);

(2) it has to assess creditworthiness.

The SLC just has to wire money to its customers a few times a year and accepting incoming bank transfers etc. That is much easier than (1).

But (3) is the critical difference. The SLC is told who to lend to. A retail bank has the problem of deciding when a property bubble is about to burst. In conjunction with (2) that is lethal. The banks get caught every time.

But Lester just heads an extremely simple, if large, bureaucracy. All he has to do is to follow some precise rules carefully millions of times. Of course, that has its drawbacks. Many people would go crazy with boredom. You have to enjoy the management aspect: motivating below average people to do a competent job. That is an important skill, but hardly worth £390k/year.

Indeed, it’s so trivial that a banker could probably do it.

Wikipedia is our friend, as usual:

Should old acquaintance be forgot,
and never brought to mind ?
Should old acquaintance be forgot,
and old lang syne ?

CHORUS:
For auld lang syne, my dear,
for auld lang syne,
we’ll take a cup of kindness yet,
for auld lang syne.

And surely you’ll buy your pint cup !
and surely I’ll buy mine !
And we’ll take a cup o’ kindness yet,
for auld lang syne.

CHORUS

We two have run about the slopes,
and picked the daisies fine ;
But we’ve wandered many a weary foot,
since auld lang syne.

CHORUS

We two have paddled in the stream,
from morning sun till dine† ;
But seas between us broad have roared
since auld lang syne.

CHORUS

And there’s a hand my trusty friend !
And give us a hand o’ thine !
And we’ll take a right good-will draught,
for auld lang syne.

CHORUS

On New Year’s Day anywhere in England, look around the singing crowds and the person you see wincing every time they hear that “zyne” will be Scots.

Perhaps the children of bygone days could learn so much more in the course of a childhood that was, if anything, a good deal shorter than that of today, because of the outmoded and universally derided institution of discipline. Perhaps “students”, as pupils must be called nowadays, can work out many things they need to learn all by themselves, but surely it takes a good deal longer than having those things explained by a teacher?

This perfectly respectable idea, like so many scientific possibilities, was explored in a science fiction novel 20 years ago. Larry Niven, Jerry Pournelle, and Michael Flynn wrote “Fallen Angels” partly to explore the concept that man-made global warming was all that stood between us and a (very prompt) ice age. When environmental activists persuade politicians that radicla measures must be taken to limit CO2 emissions, etc., the result is that an Ice Age does very quickly set in. At the time of the novel, in a fairly near future, the world is thickly covered in ice and snow, civilisation has pretty much ground to a halt, and anyone who looks like an environmentalist has a good chance of being lynched on sight.

http://tinyurl.com/6n4r7hg
https://en.wikipedia.org/wiki/Fallen_Angels_%28science_fiction_novel%29