Loans and Finance

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Thursday, June 04, 2009

Banks Mislead Customers

As I have noted before on this site, Britain's financial services industry has treated (and continues to treat) its customers with absolute contempt.

The reputation of the financial services industry continues to plummet; endowment mi-selling, PPI, excess bank and credit chargres, high risk lending to the vulnerable, excess bonuses etc have all been nails in the coffin of its reputation.

Founded on the twin pillars of greed and arrogance the financial services industry, despite almost being destroyed by the current self inflicted recession, continues to fleece its hapless customers.

An inquiry by the Banking Code Standards Board (BCSB) noted that over 50% of bank and building society staff were feeding customers misleading information about when funds would be available for withdrawal, and when interest would start to be earned on cheques.

In other words, customers are being lied to.

When will the financial services industry be held accountable for its appalling behaviour and treatment of its customers?

Never, as long as the FSA has anything to do with it!

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