interestrateripoff Posted April 7, 2015 Share Posted April 7, 2015 http://www.bbc.co.uk/news/business-32198976 Britain's largest banks have paid 60% of their profits since 2011 in fines and repayments to customers, according to a report by accountants KPMG. Costs including repayments relating to Payment Protection Insurance (PPI) and so-called interest rate hedging products cost banks £9.9bn last year. It was a reduction of 8% from 2013, said KPMG. The accountants analysed the results of Royal Bank of Scotland, Lloyds, HSBC, Barclays and Standard Chartered. The total in penalties for the last four years was £38.7bn. It's a good job the banks are making serious money to pay out all these fines and refunds to customers otherwise they might be bankrupt. Quote Link to comment Share on other sites More sharing options...
Craig_ Posted April 7, 2015 Share Posted April 7, 2015 60% of a made-up number is still a made-up number! Quote Link to comment Share on other sites More sharing options...
winkie Posted April 7, 2015 Share Posted April 7, 2015 still leaves 40% ........ 40% is still profit, better than jail or 0% profit......100% profit if not caught, what is there to lose? Not only the banks....more and more companies and corporates play the same game whereby they create high profits and the fine is factored in as part of the expenditure.... Quote Link to comment Share on other sites More sharing options...
zugzwang Posted April 7, 2015 Share Posted April 7, 2015 still leaves 40% ........ 40% is still profit, better than jail or 0% profit......100% profit if not caught, what is there to lose? Not only the banks....more and more companies and corporates play the same game whereby they create high profits and the fine is factored in as part of the expenditure.... It gives you some idea of how much of the national income is once again being diverted into the hands of these parasites. 100% more profit than any of them deserve. Quote Link to comment Share on other sites More sharing options...
tinker Posted April 7, 2015 Share Posted April 7, 2015 Why is it all this 'free money' goes to someone else? Am I too wise? Quote Link to comment Share on other sites More sharing options...
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