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Vince Cable: Banks continue to rip customers off
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Author:  Amnesia10 [ Mon Jul 19, 2010 2:59 pm ]
Post subject:  Vince Cable: Banks continue to rip customers off
http://www.bbc.co.uk/news/uk-10664533

Quote:
Britain's banks are "ripping off" their customers, Business Secretary Vince Cable has told the BBC.

Mr Cable said forcing banks to change their practices would be a key test of the coalition government.

His comments come as research for Panorama reveals that high street banks surveyed are charging as much as 167% interest on unauthorised overdrafts.

Authorised overdrafts are charging an average of 32% interest, despite advertised rates of around 19%.
Author:  pcernie [ Tue Jul 20, 2010 11:21 pm ]
Post subject:  Re: Vince Cable: Banks continue to rip customers off
I predict fcuk all will be done unfortunately :evil:
Author:  Amnesia10 [ Tue Jul 20, 2010 11:57 pm ]
Post subject:  Re: Vince Cable: Banks continue to rip customers off
pcernie wrote:
I predict fcuk all will be done unfortunately :evil:

I agree unfortunately. The problem is that the government need the banks to lend and they also need them to rebuild their capital base. That means the general public can go to hell in reality.
Author:  jonbwfc [ Wed Jul 21, 2010 10:20 am ]
Post subject:  Re: Vince Cable: Banks continue to rip customers off
Amnesia10 wrote:
pcernie wrote:
I predict fcuk all will be done unfortunately :evil:

I agree unfortunately. The problem is that the government need the banks to lend and they also need them to rebuild their capital base. That means the general public can go to hell in reality.

The banking sector is about to get a shakeup I think. Several large consumer orientated companies have recently got banking licenses (Tesco and Virgin for example) and they will be happy to treat customers the way they previously have in other areas i.e.. a [LIFTED] better than most of the high street banks ever have. I can see a massive migration away from the 'old guard' to these new banks who have, shall we say, less Dickensian ideals of customer service.

Jon
Author:  paulzolo [ Wed Jul 21, 2010 11:26 am ]
Post subject:  Re: Vince Cable: Banks continue to rip customers off
Nationalise the banks then. All of them. If they don’t want to play on UK territory, then fine. Gripper Cameron will be setting up a Big Society bank anyway, so as long as that has no share holders, and is answerable to the customers and the government, then so be it.
Author:  Amnesia10 [ Wed Jul 21, 2010 5:44 pm ]
Post subject:  Re: Vince Cable: Banks continue to rip customers off
paulzolo wrote:
Nationalise the banks then. All of them. If they don’t want to play on UK territory, then fine. Gripper Cameron will be setting up a Big Society bank anyway, so as long as that has no share holders, and is answerable to the customers and the government, then so be it.

Well while as good as an idea as that all is the government are so right wing that none of that will happen.

I would like to see those banks that are insolvent, and that would probably cover all the banks bar HSBC and possibly Barclays, nationalised with the share holders and bond holders wiped out. Then break up all the banks, so that they are smaller. Ban banks from the mortgage market, that will stop the flood of cheap money inflating a property bubble. The government could create a number of building societies from the remains of the banks. Then with the mortgage market closed to them the banks will have to find new areas to lend to. By capping the leverage that banks that can have will stop then lying about the risk that they are taking on. The whole area of risk management has not worked.
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