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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?

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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. :oops: this kinda reassures me that i will most certainly be successful in my claim :)

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  • 11 months later...

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

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

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thanks:):)

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

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"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

:rolleyes:
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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.

Please remember to DONATE! Help CAG keep up the fight!

 

 

Any advice or opinion is offered informally & without liability. Use your own judgment and if in doubt seek advice of a qualified and insured professional.

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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.

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

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  • 12 years later...

This topic was closed on 03/05/19.

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