Which? finds banks still using high pressure tactics

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Which? finds banks still using high pressure tactics

Family tax bombshell over new black hole
Families’ pensions, pay and benefits will be in the line of fire again after the next election because of a £27 bn black hole in the budget, economists have warned. The Institute for Fiscal Studies said that more spending cuts and up to £7 billion of tax rises were inevitable after 2015, warning that pension funds and benefits for older people are vulnerable.
The Daily Telegraph, p. 1-2

40pc rise in home owners trapped by mortgage
The number of home owners trapped on a standard variable rate (SVR) mortgage has increased by 40 per cent since last year to reach 839,000, research shows.
The Daily Telegraph, p. 6

Property becalmed
House prices will barely move next year as first-time buyers continue to struggle, despite the Government’s efforts to boost the mortgage market, according to Halifax.
The Times, p. 54

Investors’ warning over Lloyds and RBS shares
Major City investors have issued a warning to the government that there is little chance of selling off the taxpayers’ stakes in Royal Bank of Scotland and Lloyds Banking Group with the current uncertainty about regulations for the banking sector. a document released today, the Association of British Insurers indicated that investors are unlikely to buy shares in banks- which would help bolster their capital cushions- if they are not able to generate high enough returns.
The Guardian, p. 40

Which? finds banks still using high pressure tactics
High street banks are still putting pressure on staff to sell high volumes of products to retail customers, in spite of recent misselling scandals, it is claimed.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Bank charges need to rise, says ABI
Banks are likely to remain “uninvestable” unless they can charge more for loans and regulators speed up the introduction of new rules, the Association of British Insurers have warned.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Mis-selling by bank staff still widespread, survey claims
More than four out of ten frontline bank staff believe that they are being forced to sell potentially inappropriate products to customers, according to a survey from Which? that takes an unprecedented look behind the scenes at bank culture.
The Times, p. 53

Here’s what banks must do for us to invest, says ABI
The Association of British Insurers has set out requirements for how to make banks “safe and profitable”, including on capital levels, investment returns and the payment of dividends.
The Times, p. 50

Banks ‘still mis-selling’
A report from Which? claims that more than four out of ten bank staff believe that they are being forced to sell unnecessary products.
The Times, p. 47

ECB cuts eurozone economic outlook
The European Central Bank has cut its eurozone economic outlook for 2013, forecasting further contraction at a time of record unemployment, but decided to keep interest rates on hold as it saw no big threat from inflation.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 8

STANDARD CHARTERED AGREES TO PAY $330 MILLION IN LAUNDERING INQUIRY
Standard Chartered said on Thursday that it expected to pay $330 million to settle allegations by U.S. government agencies that it had laundered hundreds of billions of dollars on behalf of Iran.
International Herald Tribune, p. 22

HSBC to pay at least £900m to settle money laundering case
HSBC is expected to pay more than $1. 5bn (£933m) in fines to US authorities within weeks to settle money-laundering investigations into its business.
The Daily Telegraph Business, p. 5

Regulator says sorry after it moves bar on compensation
The FSA has been accused of preventing up to 10,000 businesses from accessing a compensation scheme for those who believe they have been mis-sold “swaps” interest rate hedging products.
The Times, p. 53

The above articles appeared on 07/12/12 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.