Banks Must Change their Culture

[dogtired]

Re: Banks Must Change their Culture

The whole "financial crisis" is supposed to have started as a result of the dodgy sub prime dealings in the USA and now appears to have done full circle.
I admit we do have a sub prime lender and have had difficulty they still have over the top charges and only alter the payments every three months.
On another question, could you read the attachments I sent? They wont load up on my android.

[enaid]

Re: Banks Must Change their Culture

Ethical Banking,

Is there anywhere that can give you an ethical summary on banks. I am aware of this being published in regard to where they invest but I never seen it as how they operate.

How do we know how banks are behaving behind the scenes to judge where it is most appropriate to stash our wads of cash before things like the Libor issue blows up?

For example, in Scotland, Dunfermline Building Society was a shining light as a successful mutual society but it was one of the first victims of the crash. Too much exposure to sub-primes but there was no evidence of that on the surface.

How can Joe Bloggs find these things out before the embarrasment?

It should not be up to the consumer to find these things out and often too late. It is the regulators that are at fault all the way imho proper vetting and a keen eye kept on these institutions is all that is needed.
Often the tip of the iceberg with things going wrong are on forums such as Beagles and indeed a good Google is all that is needed to find faults that are happening with some companies.
Too much corruption, greed and 'I can do as I please' is happening at the top and until they are brought firmly back to reality then we have no chance of making things better.

[EXC]

Re: Banks Must Change their Culture

Ethical Banking,

Is there anywhere that can give you an ethical summary on banks. I am aware of this being published in regard to where they invest but I never seen it as how they operate.

This is The Indepenent's view at laest http://www.independent.co.uk/money/s...e-7920634.html

[mercury-the-messenger]

Re: Banks Must Change their Culture History tells ofa notso virtuous Barclays in 1902

History tells of a not so virtuous Barclays in 1902 - FT.com




www.ft.com › Comment
You +1'd this publicly. Undo
14 hours ago – I have in front of me a handwritten note by Alfred Pease (2nd baronet ... situation of his bank owing £120000 to the North Eastern Railway, was ...



http://www.ft.com/cms/s/0/aba5576a-c...#ixzz20byZxXpy
letter in todays financial times July 14, 2012 1:29 amHistory tells of a not so virtuous Barclays in 1902

[stephen25000]

Re: Banks Must Change their Culture

Nothing surprises me Shadowcat, it's all about greed.

Morals today don't come into it.

[mercury-the-messenger]

Re: Banks Must Change their Culture - even LIBOR affected Football (well Arsenal)

http://www.sfmeurope.com/files/prospectus/Arsenal/001.

"The Issuer’s ability to make payments on the Bonds is dependent on the Swap Providers fulfilling their
obligations
The Issuer is exposed to movements in interest rates as a result of the rate of interest payable under the
Floating Rate Bonds being a floating rate determined on the basis of the London interbank offered rate
(LIBOR). To hedge this interest rate exposure, the Issuer will enter into the Swaps."

[dogtired]

Re: Banks Must Change their Culture

link came up " not found". and I do not understand the rest!,

[enaid]

Re: Banks Must Change their Culture

As I mentioned last week Lloyds have sold off a lot of branches to the Coop, listening to CEO this morning he is convinced they are a better bank than any of the other 5, we will see.


The Co-operative Group has agreed terms with Lloyds Banking Group to buy 632 Lloyds TSB and Cheltenham and Gloucester branches.
The Co-op will pay £350m upfront and up to an additional £400m based on the performance of the combined business.
The sale was demanded by European regulators after Lloyds bought HBOS during the financial crisis.
The Co-op will take over the branches, which represent 6% of the UK market, including their 4.8 million customers.
The takeover will take the Co-op's total branches to almost 1,000 and will increase its share of UK personal current account customers from 1% to 7%.
'Fair price'After buying HBOS, Lloyds then needed a government bailout, and is still 40%-owned by the taxpayer.
The price tag is much less than the £1.5bn reported to have been bid for the branches last year by NBNK, which was formed to build a new High Street banking presence.

This represents a major change to the face of retail banking in the UK”

Peter MarksCo-op chief executive
"Those were the numbers that were speculated 12 months ago but during the last 12 months the business that we're buying has changed significantly, [and] we think we're paying a very fair price," Co-op chief executive Peter Marks told the BBC.
The deal, which is still subject to approval by the Financial Services Authority, is expected to be completed by the end of November 2013.
The Chancellor, George Osborne, welcomed the deal.
"This is another step towards creating a new banking system for Britain that gives real choice to customers and supports the economy," he said.
"The sale of hundreds of Lloyds branches to the Co-operative creates a new challenger bank and promotes mutuals. This follows the sale of Northern Rock to Virgin Money in January and represents another important step towards a more competitive banking sector."
'Bring back trust'Lloyds group chief executive Antonio Horta-Osorio said: "In agreeing to move ahead with the Co-operative we provide greater certainty for our customers and for our shareholders.
"In addition to an upfront consideration, we will also get to share in the future financial performance of the combined banking business which will be an effective challenger with a strong customer focus."
Lloyds said that the branches being sold would be rebranded to TSB next summer and would transfer to the Co-op under that brand.
Co-op chief Peter Marks said the deal was good news for the industry.
"What the banking industry needs is to bring back trust. We've seen over the last few years, and particularly over the last few weeks, trust has deteriorated in big banks," he said.
"This represents a major change to the face of retail banking in the UK."
He added that the Co-op, which is owned by its members, was a very different bank to the main High Street banks.





http://www.bbc.co.uk/news/business-18898125

[Shadowcat]

Re: Banks Must Change their Culture

How nice that Mr Osbourne was made happy by such restraint shown:

http://www.guardian.co.uk/business/2...urteen-billion


But, as they told us, we need to pay these huge amounts to keep such talent in the country - quick someone get Bob Diamond back here now before we fall apart without his massive talent that justified his massive bonus. I take it then, based on that logic, that nurses are paid such rubbish money because they have a lack of talent?

[TINKEY2]

Re: Banks Must Change their Culture

Ok we all need to start digging on this.
Any other subprimes to look into, let us know.

Hi Shads,

My first mortgage is with Kensington and am sure you won't be surprised I have been digging alot on them. Investec own them now, but they bank with Barclays and the debentures are with Barclays.

I sard them in March and it's still on going, sent them a letter last week that will make them squirm, I queried the information in my SAR (not sent all) and have complained to the FOS. KMC replied to my letter with a total load of rubbish (no surprise there). I sent my questions to them and have copied the FOS, ICO and FSA.

Did you know when the FSA fined them (total joke) they had actually breached 16,000 FSA rules.

Anything you need just ask.

Think I will start a thread in the VIP area, have some great stuff on them

Tink X

[Shadowcat]

Re: Banks Must Change their Culture

I see Bob Diamond has hired himself some lawyers in the US.
So, we now have 2 subprimes with roads leading to Barclays - Swift and Kensington. Do you know any others Tink?

[TINKEY2]

Re: Banks Must Change their Culture

I see Bob Diamond has hired himself some lawyers in the US.
So, we now have 2 subprimes with roads leading to Barclays - Swift and Kensington. Do you know any others Tink?

Hi shads,

Not sure shads but I do know most if not all are American owned backed mostly by what was Lehmans. I would say Barclay's are behind alot as they were in the states.

Tink X

[dogtired]

Re: Banks Must Change their Culture

Yes plase Tinks! I have two seperate terms and conditions books both have Libor in them, TML were "owned" by Kensington but they denied it so it now looks as the fee they charged was paid to themselves (yet to "prove" that).After a year long battle I did get a refund of the "unfair" fees but that was taken off the actual balance.
I am now at the end of a payment plan with them but should I keep this up or return to "normal" payments? If it had not been for the "charges" I would not have gotten into problems

[Shadowcat]

Re: Banks Must Change their Culture

Are Kensington on the Anti Money Laundering register does anyone know?

[Shadowcat]

Re: Banks Must Change their Culture

Amazing! Some of these are criminal and they get a fine????

http://mortgages.gladstonebrookes.co...s-fined-by-fsa


Looked up Kensington Mortgage Company on the AML register using postcode BD23 1UD and no results for them.
Keep them coming - ALL the subprimes that bank, are underwritten or have a Barclays connection that aren't on the AML would be handy.