Yet Another Mis-Selling Scandal !

[mikey4444]

http://www.bbc.co.uk/news/business-23791252

Is any wonder that the banks had to be rescued just a few years ago, when they are having to payout huge sums in compensation for fraud against their own customers. Mis-selling of endowment mortgages, PPI insurance, etc. Where is it all going to end ?

[Peter Pedant]

Better link to the Stockhom syndrome on the link given

where will all end ? A rhetori cal question, I suppose - when they stop miss-selling. Perhaps it is the oldest profession - being a mis-seller I mean. Cue Jacob and Esau altho the book tells the winner's side and has no details of the appeal....

I chose RBS because it was Scots and had a reputation for prudence.
Yes well, I suppose people will tell me it was my own fault

[jno]

depends whether they exercised prudence for their own ends or yours, I suppose

[Gromit]

None of these banks

Bank of Scotland
Barclays
Canada Square (formerly Egg)
Capital One
Clydesdale Bank
Home Retail Group
MBNA
HSBC
Morgan Stanley
Nationwide
Santander
Tesco

Needed to be bailed out.

It is clear that the banks were (and probably still are) poorly regulated. They were ripping off their customers. They showed utter contempt for their customers.

Why have they never been fined and the people responsible for these frauds imprisone?. They are told the practices were wrong, but they are then allowed to pay back the stolen money and nothing more is said. If any one of us found to have use fraud to steal other peoples money we would not be given the opportunity to give the money back if we were found out! to avoid prosecution.

[mikey4444]

Some of your historical allusions go above my head somewhat PP, but I expect you are correct !

The difficulty with our Banks is that they have become an integral part of modern life. It would be very difficult to manage in today's modern world without them ( cue posts from other ABers who will testify that they have managed quite nicely, thank you, without a bank account since Noah was a lad ! )

I have been with the Co-op Bank since I first started work at aged 17 and I am 60 now. My Mum had been a Co-op member since just after WW2, so it seemed a natural progression for me, when I needed a bank account.

I haven't had much in the way of problems over the years and I like their ethical and cooperative structure. But even the Co-op is having problems now, trying to recover from a huge financial black hole left by their unwise merger with the Britannia Building Society.

The point that I am trying to make is that banks are not easy to avoid, so they count on that by trying to get away with mis-selling, which is fraud by any other name. We are trapped like moths in a flame.

Actually, come to think of it, there used to be a reasonably trustworthy bank in Britain, and it was called GiroBank, but Thatcher hived it off in the early 1980's and that was the end of that !

[youngmafbog]

Amazing how the thick will be rewarded. I mean I said no when asked and get nothing, someone who said yes will get up to ten times their money back.

Something not quite right.

[Zeuhl]

CPP aren't a bank

They have had a deal with many of the banks for years using their customer data to sell what has always been a very dodgy product.

We worked with them several years ago improving their effectiveness over the phone and the product all seemed a bit suspect even to us. The FSA came in then, and started to dictate exactly what they could and couldn't say on the phone. We retired gracefully and despite the loss of a lucrative client felt rather relieved to be out of there.

Nice people at CPP though ....

[barney15c]

I hate it when the terms missold and mistake are used in cases like this as it implies that that there was a degree of innocent ignorance. The banks and CPP were fully aware of what they was doing was immoral, profiteering and above all probably illegal. Governments need to wake up and legislate against these institutions and criminalisethese incidents. The Chief executives should be made personally accountable and be punished to the full extent of the law including custodial sentences. Hell they get paid well enough and are happy to take credit for things that go right, yet the minute they are caught with their fingers in the till, they scurry away pleading ignorance and saying it was a collective board decision and that no one person is accounta

[barney15c]

I hate it when the terms missold and mistake are used in cases like this as it implies that that there was a degree of ignorance rather than criminality. The banks and CPP were fully aware of what they was doing was immoral, profiteering and above all probably illegal. Governments need to get a grip of this and legislate against these institutions and criminalise these incidents. The Chief executives should be made personally accountable and be punished to the full extent of the law including custodial sentences. Hell they get paid well enough and are happy to take credit for things that go right, yet the minute they are caught with their fingers in the till, they scurry away pleading ignorance and saying it was a collective board decision and that no one person is accountable for these criminal acts. One wonders what other schemes they have cooked up to cheat the public have yet to be uncovered. The government seems to be strangely silent with this latest one...i wonder why???