Banks Must Change their Culture

[Angry Cat]

Re: Banks Must Change their Culture

Never truer words spoken:
http://www.snouts-in-the-trough.com/archives/2668

[Angry Cat]

Re: Banks Must Change their Culture

BOUDICCA marches onward...:

http://www.bbc.co.uk/news/uk-18665719

Also, four RBS traders have been sacked
http://www.bbc.co.uk/news/business-18665508

[leclerc]

Re: Banks Must Change their Culture

Why has Angela Knight not resigned?

[Fortinbras]

Re: Banks Must Change their Culture

Actually Mervyn King has been telling us for years - presumably you weren't listening although the BBA were and here are 2 historic examples of them complaining about what he said.

http://www.bba.org.uk/media/article/...h-in-Edinburgh

http://www.bba.org.uk/media/article/...-relationships

His Wikipedia entry states that ''King has been scathing about the banking sector since it crashed''

He has been consistently critical of banks including the way they treat their retail customers. It was his speech that put this scandal on the front pages and on the political agenda. He deserves our support and not our criticism.

Oh, I am listening.


It might have been better had you linked to the speech King made and his remarks to the Treasury Select Committee, rather then the BBA's responses to them. The BBA complaining about anything anyone says is not my idea of a good yardstick with which to measure the quality of the original comment. It has probably complained about the price of toffee at some time or other.


I agree with you that Mervyn King has been critical of the banks, although I think 'excoriating' and 'scathing' (see Wiki) is stretching it a bit. In his Edinburgh speech, the best he could muster was "The case for a serious review of how the banking industry is structured and regulated is strong" and "reform of banking is essential" His remarks to the TSC focused on business banking relationships, a subject close to my heart, and I applauded what he had to say about it. But on neither of those two occasions did King make as forthright and damning a statement as he did last week.


My criticism of of him is only that he could, and should, have said those words five years ago.


Thanks for reminding me that the BBA's media section is full of laughs, most of which come from Angela Knight's pen.

[Fortinbras]

Re: Banks Must Change their Culture

Why has Angela Knight not resigned?

Sadly, she's going anyway. Probably saw the writing on the wall!

http://www.bbc.co.uk/news/business-17585552

[EXC]

Re: Banks Must Change their Culture

Sadly, she's going anyway. Probably saw the writing on the wall!

http://www.bbc.co.uk/news/business-17585552

Consumers haven't got rid of her for good I'm afraid http://www.energy-uk.org.uk/press-re...energy-uk.html

[dogtired]

Re: Banks Must Change their Culture

Been reading the book "Wall Street"
"Greed is Good"
http://www.imdb.com/title/tt0094291/quotes

[Guest]

Re: Banks Must Change their Culture

http://www.bbc.co.uk/news/business-18642732

Retail Loss Prevention, we have an "actual" job for you!!!

To WHOM would the invoices be payable?
Oh yes, UK citizens, servants of the UK banking sector!!!
Collection + Disbursement fees to the Right-Honourable Loopy Prosecutors.

Nowt libellous there, then.

[Guest]

Re: Banks Must Change their Culture

At the end of the day, it will be the politicians who will have to sort this mess out...

Maybe they will

"FSA can't make Libor manipulation criminal...We are examining...criminal sanctions regime for market abuse and market manipulation...will consider criminal sanctions for directors of failed banks where there is proven negligence....chief exec of Barclays...has some very serious questions to answer today (28/6/12 - said director's resignation 2/7/12). This govt is sweeping away the regulatory system that failed. It will protect taxpayers, it will punish wrong-doing, and put right the wrongs of an age of irresponsibility" - Chancellor, George Osborne

While you're at it, Mr Osbourne, can you consider other companies, such as Welcome Financial Service Ltd, who stole £200m from the share-buying public in 2007 through market abuse in 2007, and ponder the possibility that this warrants criminal sanctioning, also?

Writing to Mr Osborne directly now.

[Guest]

Re: Banks Must Change their Culture

Dear Mr Osborne,

Thankyou for re-examining the tripartite regulatory system of Britain's financial services industry, including banking, following the problems with RBS and Barclays.

Can you please consider imposing criminal sanctions for the directors of other financial companies, also?

In particular I refer to Welcome Financial Services, who performed market abuse through false loan book accounting in 2007, raising £200m in rights issue and subsequently being declared in default in March 2011?

3 directors were responsible.

I am a customer of Welcome from 2004, from which time mis-selling, breaches of fiduciary duty, overcharging, and bullying via credit file manipulation have been the methods and associated deployments of Welcome. They still hold a consumer credit license for credit issue,debt collection AND running credit reference agency/ies. In my case, the loans (which I am taking to mediation, having had no redress through complaints) have been re-registered on credit file recently, almost 6 years after initial registration there. They are still hauling consumers into court with no pre-warning, having ignored their loans-in-arrears for years (6 years in one current case). The loan book manipulation that enabled them to raise £200m on false accounts in 2007 was basically to hide these loan arrears from investors.

One last point. My fellow consumers and I have had difficulty finding redress in these issues partly because OFT Consumer Credit Register is not searchable by trading name. In particular, I could not find the debt collector on my Welcome account, because it (M K Rapid Recoveries) is hidden under the registered name, Compello Operations Limited. This enabled them to register said loans on my credit file for years with apparently no Consumer Credit License (pre 23/11/09). Welcome themselves have 35 trading names, none of which can be searched on the so-called public search register.

These matters are important when consumer forums, such as Legal Beagles, are helping consumers every day of their lives, and need instant access to needed information. Some of those being helped are in dire circumstances financially due to regulated criminality and it is not acceptable that they cannot access trading names instantly through the Consumer Credit Register.

Thankyou in anticipation.

Yours sincerely,
xxxxxxxxxxxxxxx

CC My Local MP

[Angry Cat]

Re: Banks Must Change their Culture

http://www.guardian.co.uk/media/gree...c-marcus-agius

Not smooth enough, it would seem...?

[Angry Cat]

Re: Banks Must Change their Culture

Consumers haven't got rid of her for good I'm afraid http://www.energy-uk.org.uk/press-re...energy-uk.html

"When words come back to haunt you.
Angela Knight, the outgoing chief of the British Bankers Association, might squirm a little were she to read her evidence to a Treasury Select Committee in 2008.
Knight who is due to leave the BBA this month, was asked about Libor."
"Libor has stood the test of two decades, she said. You will have seen that Libor has drifted up and is , in sterling and euro terms, significantly higher than the base rates.
That does not mean that there is a problem with Libor. What that does say is what is happening to the market."

Hindsight is a wonderful thing.

[Crowie]

Re: Banks Must Change their Culture

There's a book called "cityboy" by an author called geraint Anderson. He used to be a trader in the city when the money was rolling in, but he got out just before the credit crunch hit home. The book is quite tongue-in-cheek, and of course it's entirely "fictional". If half of what he says is true, then all this stuff that's going on now is just the tip of the iceberg.

I used to work in a bank until a few months ago. I'd just say that none of these things are the fault of anyone you see in a branch. They're just as ashamed and disgusted as you are...

[Angry Cat]

Re: Banks Must Change their Culture

The Banks have had it good for far too long...

http://www.telegraph.co.uk/news/ukne...ays-scion.html

[Angry Cat]

Re: Banks Must Change their Culture

"When words come back to haunt you.
Angela Knight, the outgoing chief of the British Bankers Association, might squirm a little were she to read her evidence to a Treasury Select Committee in 2008.
Knight who is due to leave the BBA this month, was asked about Libor."
"Libor has stood the test of two decades, she said. You will have seen that Libor has drifted up and is , in sterling and euro terms, significantly higher than the base rates.
That does not mean that there is a problem with Libor. What that does say is what is happening to the market."

Hindsight is a wonderful thing.

http://www.bbc.co.uk/news/business-18677356