While the bankers seethe at Mervyn King’s remarks suggesting that they routinely rip off their customers, their clients, from the humblest current account customer to FTSE 100 chief executives, will heartily agree.The government would do well to ignore the bankers’ wrath.
What more are average overdraft rates of 18% at a time when the base interest rate stands at an all time low of 0.5% than a blatant rip off?
The depressing thing about it all is that there is nothing new about any of this – just the scale of the rip off which is as bad as it has ever been. If the Financial Services Authority, not exactly a Doberman as watch dogs go, feels it necessary to warn wealthy bank clients that they are likely to be targeted for dubious ‘wealth management services’ then banks must have stooped to new lows.
Read More here.
And here.
