Banking Code Standards Board

[Guest stephen]

A senior banking regulator will today condemn bank and credit card penalty charges that hit consumers for about £400m a year as indefensible.

Seymour Fortescue, chief executive of the Banking Code Standards Board - which polices the banking code - will tell an audience of bankers such charges contribute to the industry's poor image.

 

Stressing that he is speaking in a personal capacity, the former banker will say: "If I were still a poacher I'd have a real job defending these charges. They do not appear to be related to the costs, they frequently hit those least able to pay them and they generate great resentment."

 

http://money.guardian.co.uk/news_/story/0,1456,1398582,00.html

 

"If I were still a poacher" does this mean he accepts banks are poachers?

[richardsimkiss]

I hope i'm not getting all excited about nothing, but i was expectin there to be a fair few replies about how great this news is? :?

 

Below is a link to a to page of the banking code standards board website, listing all the banks that have signed up to the banking code

http://www.bankingcode.org.uk/subs&sis.htm

 

Surely if the chief executive is saying these charges are indefensible and "do not appear to be related to the costs", as well as saying "they frequently hit those least able to pay them and they generate great resentment", then the banks that have signed up to the code are pretty screwed on the matter?! I mean i guess they were before, but i must admit i'd been a bit nervous on the matter. this kinda reassures me that i will most certainly be successful in my claim

[maybelline]

where is the banking code bit about being fair and equitable (or have I made that up??)

[Guest NATTIE]

I think you mean fairer relationships which is FSA I believe.

[maybelline]

thanks:)

[soldier girl]

"If I were still A poacher" - Sounds like a member of some secret club

Not the best (but possibly the most apt) discription he could of used his collegues may argue,

Quite refreshing for him to speak up though; hopefully the continued complaints are finally hitting home.

sg

[GaryH]

I think its quite difficult to take anything said by the Banking Code standards board seriously when you consider that 4 of the commitee are directly affiliated to banks. One of them is actually a non-executive director at LTSB - Dr Julius something or other.

[maybelline]

I agree, most if not all of these codes are voluntary also, so no one is held to account when they are abused so outrageously as they have been, we would not be in ths position if the banks had not skyrocketed their charges just because they could.

[Guest]

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