Where Does The Money Go?

[Kathyan]

Clydesdale Bank has just been fine £20.7 million over PPI. Where does this money go?

[mikey4444]

Straight into HM's Treasury I suppose Kath !

More importantly, where does this money come from ?......out of the pockets of everybody who has a Bank Account, with Clydesdale, as well as every other bank, as they were all at it. Shysters, 100% of them.

[Old_Geezer]

Probably on wine, women, and song (maybe not too much on song).

[SeaJayPea]

Actually, Mikey, I don't think they'd be allowed to use clients' money to pay a fine. They'd have to pay it from profits, which would mean that, in effect, the shareholders will pay it. And the shareholders are The National Australia Bank. At the moment, Clydesdale is a fully-owned subsidiary of NAB.

https://en.wikipedia.org/wiki/Clydesdale_Bank

[Old_Geezer]

Maybe so; but surely the result will be a concerted effort to make more profit in the future to cover it; and so the customers pay in the end. Either in higher charges or lower interest or whatever.

[mikey4444]

OG...another common sense moment...this is getting to be a habit !

[Hymie]

As often happens when a regulator ‘fines’ an organisation for wrong doing, rarely are those who have lost-out by their actions compensated – the money simply goes to HM’s Treasury.

And therefore the money is simply another form of tax – paid by those who lost-out.

[Peter Pedant]

if it is a fine - fines are usually not hypothecated ( put into a specific fund or use ). So it will go into the main treasury coffer.

and then it pays for the necessities in life such as police commissioners and their chauffeur driven cars

[Kathyan]

Thanks all.