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Banksters Boost Profits By Dealing In Dangerous Products

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http://uk.finance.yahoo.com/news/Banks-boost-profits-selling-tele-2146731839.html?x=0

Banks 'boost profits' by selling extra products
Print..Myra Butterworth, 17:30, Monday 28 February 2011
Concerns have been raised about banks trying to boost their profits by selling unsuitable products to consumers.
The City regulator accused banks of becoming increasingly focused on cross-selling products such as investments, insurance and packaged accounts to help generate extra revenue. But the Financial Services Authority warned that these products
may not correctly match
are contrary to customers’
needs
interests.
It blamed the trend on the economic crisis which led to a drop in the income banks received from selling mortgages. They have also
lost revenue from the sale of
controversial
fraudulent payment protection insurance
.
The FSA reported: "In light of these combined pressures and historical sources of fee income, banks are developing their strategies to find new sources of non-interest income.
“While we have classified this as a potential concern, evidence of misconduct is starting to emerge from some firms in some of these areas, although not yet in a widespread, systemic way.”
The watchdog is particularly concerned that the wealth management arms of banks may start to target mass affluent consumers - generally defined as those who have at least £50,000 to invest - with
inappropriately complex investment products
to push up their profits..../

Doesn't the FSA get it? These spivs are hungry for money and they can never get enough. They deal in what makes the most profit and would not hesitate at pushing drugs to school kids if they could get a franchise on school grounds.

Welcome to the new UK run by and for the benefit of the overlords--the Banksters!

Edited by Realistbear

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Doesn't the FSA get it? These spivs are hungry for money and they can never get enough. They deal in what makes the most profit and would not hesitate at pushing drugs to school kids if they could get a franchise on school grounds.

Welcome to the new UK run by and for the benefit of the overlords--the Banksters!

You have completely missed the point.

The banker's bitch gets it alright. The FSA blames banks being FORCED to sell the wrong products due to a lack of charges on bank accounts. The FSA's inability to prevent the misselling of products has nothing to do with it - let the bankers charge us more and they will be good people.

Free banking is blocking new entrants, damaging competition in financial services and incentivising lenders to mis-sell products to customers, Lord Turner, chairman of the Financial Services Authority (FSA), has warned.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8155331/Free-banking-damages-competition-and-customers-says-FSA-chairman-Lord-Turner.html

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http://uk.finance.ya...731839.html?x=0

Banks 'boost profits' by selling extra products
Print..Myra Butterworth, 17:30, Monday 28 February 2011
Concerns have been raised about banks trying to boost their profits by selling unsuitable products to consumers.
The City regulator accused banks of becoming increasingly focused on cross-selling products such as investments, insurance and packaged accounts to help generate extra revenue. But the Financial Services Authority warned that these products
may not correctly match
are contrary to customers'
needs
interests.
It blamed the trend on the economic crisis which led to a drop in the income banks received from selling mortgages. They have also
lost revenue from the sale of
controversial
fraudulent payment protection insurance
.
The FSA reported: "In light of these combined pressures and historical sources of fee income, banks are developing their strategies to find new sources of non-interest income.
"While we have classified this as a potential concern, evidence of misconduct is starting to emerge from some firms in some of these areas, although not yet in a widespread, systemic way."
The watchdog is particularly concerned that the wealth management arms of banks may start to target mass affluent consumers - generally defined as those who have at least £50,000 to invest - with
inappropriately complex investment products
to push up their profits..../

Doesn't the FSA get it? These spivs are hungry for money and they can never get enough. They deal in what makes the most profit and would not hesitate at pushing drugs to school kids if they could get a franchise on school grounds.

Welcome to the new UK run by and for the benefit of the overlords--the Banksters!

Alliance & Leicester Premier 21 account targets school-leavers

Features offered by the Premier 21 account include a best-buy credit interest rate paying ten per cent on all balances of up to £1,000 fixed for at least one year, a minimum overdraft of £250 subject to minimum age of 18 years and credit scoring and a linked PlusSaver account paying 5.25% AER interest rate.

Concern has been aired over the charges and penalty fees attached to the account.

i.e. £90.00 a month for unauthorised overdraft.

They just know they will trash a high percentage of the 'carefree' young's wages in fees and charges!

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What the bankers do is completely hideous, but sadly they are just the inevitable result of people being brought up irresponsibly. Christ, I got so much sh1t off my Dad for taking out a mortgage when I was younger; I don't even want to think about what he'd have said if I'd run an overdraft.

Parasites are everywhere; the trick is to keep your body and mind free of them. Then they wither and die.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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