e-petition:: join the call for a Judge-led inquiry into banking


Fed up listening to all the media talk around symptoms with fines to swell Govt. coffers whilst we carry all the burden? Sign this petition calling for a judge-led inquiry into fraud, ethics and wrongdoing in British banks and the role of the British Bankers’ Association:

We the undersigned call for an independent, judicial public enquiry into fraud, wrongdoing and ethics of British banks, their management and their staff, and the role of the British Bankers Association. The terms of reference of this inquiry should also include the manipulation of interest rates on about £225 trillion of assets. The inquiry must have full powers to compel witnesses to appear on oath, and to obtain all forms of evidence.

http://epetitions.direct.gov.uk/petitions/35421

CONFUSOPOLY or TRANSPARENCY?: UK banks charging as much as 800,000% on overdrafts


For me one of the most telling facts about the “Payday Loans” story is that the Financial Ombudsman receives very few complaints about them yet is swamped by unprecedented numbers of complaints about banking and the wider Financial Services sector!

Calls for regulation of interest rates are understandable and fully justified BUT, across the board. Great quote from Mike Dailly at Govan Law Centre:

“The Romans 2,500 years ago managed to cap lending charges at 8%” 

One thing that strikes me about this aspect of the market is that, at least, the Payday loan companies are TRANSPARENT about equivalent APR which cannot, necessarily, be said of the High Street Banks! Yet it is the banks who talk about customer “relationships” the other is, essentially, transactional. Confusing, isn’t it!? Read more of this post