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Old 1st January 2016, 04:02   #11
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ALL politicians look after themselves!
Because there {please fill in Blank}
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Old 1st January 2016, 07:57   #12
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Is anyone really surprised?

All i will say is please, please remember not to lump bank workers in with bankers. The person you speak to in a call centre or a branch are not bankers and they were not responsible for the bankers actions.
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Old 1st January 2016, 08:57   #13
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Is anyone really surprised?

All i will say is please, please remember not to lump bank workers in with bankers. The person you speak to in a call centre or a branch are not bankers and they were not responsible for the bankers actions.
However, when it comes to things like mis-selling of PPI and the mis-selling of Fixed Interest investments to the risk averse it was very much the behind the counter staff that carried out this mis-selling.

The "culture" of the banks was to sell sell sell and sell again and this went right down to the people who had face to face contact with the general public.

This was why the investigation of the "Culture" that grew up in UK Banks was to be so important.

Edit

Link to a report

http://www.thisismoney.co.uk/money/i...e-savings.html

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Old 1st January 2016, 14:37   #14
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Tighter definitions needed. "The Banks" is a collective term meaning the entire conglomerate. The counter staff taxed with the responsibility of sales targets on pain of losing their jobs if they don't meet the targets are captive and non-executive. That applies to all local bank staff, from Branch Manager down. The targets are set by management teams safely away from the 'coal face' and any flack when the bubble burst. The counter staff carry some responsibility but very little. Anyone needing to keep their job will do what they are told, albeit grudgingly. The penalties for failing to meet ever increasing targets are Draconian 'supplementary training ' courses, followed by disciplinary training courses, followed by dismissal.

They joined their banks with no intention of becoming involved in 'sales' and then were told their contracts included the catch-all clause 'You will follow all management instructions....'. Many lacked the specific talents(!) to perform those unexpected duties and were 'allowed to move on'. As ever, the ones who should take the blame escape and get rewarded. Many good people were then swelling the ranks of the unemployed because of the greed of their employers.
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Old 1st January 2016, 17:30   #15
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Tighter definitions needed. "The Banks" is a collective term meaning the entire conglomerate. The counter staff taxed with the responsibility of sales targets on pain of losing their jobs if they don't meet the targets are captive and non-executive. That applies to all local bank staff, from Branch Manager down. The targets are set by management teams safely away from the 'coal face' and any flack when the bubble burst. The counter staff carry some responsibility but very little. Anyone needing to keep their job will do what they are told, albeit grudgingly. The penalties for failing to meet ever increasing targets are Draconian 'supplementary training ' courses, followed by disciplinary training courses, followed by dismissal.

They joined their banks with no intention of becoming involved in 'sales' and then were told their contracts included the catch-all clause 'You will follow all management instructions....'. Many lacked the specific talents(!) to perform those unexpected duties and were 'allowed to move on'. As ever, the ones who should take the blame escape and get rewarded. Many good people were then swelling the ranks of the unemployed because of the greed of their employers.
We interviewed an ex bank employee and she told us that she was on a salary just short of £30,000 a year. Her bonus structure was such that if she sold PPI to 50% of all the customer she saw in a year she doubled her earnings by way of a £30,000 bonus. She openly admitted that anyone with a pulse was going to get PPI that walked though her branch regardless of it being appropriate or suitable.

We are currently dealing with a complaint against a Bank at the moment (we get asked to review the file) and discovered this:-

The daughter of a lady who had died inherited £380,000. Within half a day of the monies hitting her account the bank had rang her to make an appointment.

She was sold 10 individual Investments including Investment Bonds, Unit Trusts and ISA's. We were puzzled as to why there were 10 separate arrangements. There was no logical reason for it.

In transpired that the Banks Compliance procedures were good and designed to stop misselling and overcharging. But they had a flaw. Any Investment below £50,000 did not have to be referred up to Compliance for checking - it could be signed off locally by the Bank Manager.

So this lady got her £380,000 divided into 10 separate investments and each investment was charged at the maximum commission rate possible which in the Banking world is 7%. The Local Bank Manager signed off each small investment and this poor lady was sold High Risk Corporate Bond "Fixed Interest" type investments that were anything but safe or secure.

The commission charged to the lady was c.£26,000 - Had the Adviser and the Bank Manager stuck to the rules as set out in the Banks Compliance Manual then the maximum fee allowed would have been considerably less - as per the FSA/FCA's "Treating Customers Fairly requirements.


A Corporate Bond is where a Company wants to raise money and so guarantees a "Fixed Interest" on money lent to it over a fixed term and then you get your money back. Sounds good BUT - if the company goes bust in the meantime then not only would you not get anymore interest payments but you would lose your capital as well.

Corporate Bonds are graded and the yanks have a great term for the risky ones - Junk Bonds. Says it all

There is plenty of evidence that the elderly in particular were tucked up by the banks whose "culture" of rule bending enabled them to used the term "Fixed Interest" to placate their clients whilst actually selling them a product where their capital was at a distinct risk.

What we found was that the toxic "culture" pervaded the banks right down to the Branches. banking Staff at all levels saw rules as things to bend and ignore for higher reward. This "Culture" was toxic and pervaded all levels.

So as I say - I believe it to be a massive mistake that the FCA has shelved its enquiry into the "Culture" of the Banks.

Last edited by Darcydog; 1st January 2016 at 17:36..
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Old 1st January 2016, 17:58   #16
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The reason why bankers aren't punished for their illegal practices is that the whole system is corrupt. Just look at something as simple as the language used to describe the systematic defrauding of their customers, over PPI. No they weren't defrauded, they were 'mis-sold'. If the owner of any other company 'hid' in their contract with you something that you were unaware of paying for and made millions, he'd be jailed for fraud not fined for mis-selling.

It's been business as usual since the bailouts and quantitative easing, I cant see the gravy train ending anytime soon.
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Old 1st January 2016, 19:02   #17
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Not to mention the fixing of the libor rate
Once your are in the high rolling. club with friends with power and influence you are made for life however you perform
Look at the failures who have received honours in the new years honours list as an example
Rebecca Brookes another and the mates of George Osborne making a killing from selling off post office shares , the house of lords speaker charging over £600 for a taxi on expenses to go to the opera, Carol thatcher buying gifts donated to her mother from other governments to sell at a profit, the list goes on and on and on but they have no shame
If they had suffered austerity like the rest of us there would be no deficit at all
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Old 1st January 2016, 19:09   #18
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The FSA as was actually borrowed money from the very Banks it was supposed to be Regulating!!

http://www.independent.co.uk/news/bu...a-1766006.html

They never did answer the question about just how such loans fitted with their requirement to be there to protect the Consumer.........

What Government did of course was scrap the FSA and split its responsibilities to the PRO and FCA.

That way the questions never have to be answered.
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Old 1st January 2016, 19:55   #19
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It's just as well that there are so few Rovers around. Otherwise if the owners were all like you lot, we would have a revolution!

I was feeling quite positive about 2016 until I read some of the recent posts in the social section.

Happy new year to you all!

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Old 1st January 2016, 20:14   #20
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I'm gonna put my head above the parapet and state that I work for a major North American bank operating in the UK. I'm in the executive office which means my job, amongst others, is to help run the bank.

Although the media don't tend to reference it (because it doesn't fit their narrative), the financial sector is being bombarded with regulation, controls, charges and capital requirements.

One major component is the Senior Managers Regime. This requires firms to appoint individuals to be legally accountable for specific roles. This can include fines and jail time.
One such role is culture - this touches on remuneration and risk. Although this review has been scrapped, the topic is not going away so fear not.
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