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Yet Another Major Screw Up by the Banks


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Is there no limit to the incompetence of banks? The latest round of problems relates to them getting the wording wrong

or missing items altogether thus breaching the Consumer Credit Act. Payouts to customers from 17 banks are estimated at around £1 billion but could escalate.

 

Credit and loan agreement errors likely to trigger multimillion-pound payouts

 

Latest banking scandal centres on mistakes in paperwork for loans, hire purchase agreements, plus credit and store cards

 

The problem was uncovered in 2012 when 152,000 people with a Northern Rock loan were told they would receive a payout. Photo: Christopher Thomond for the Guardian

 

An epidemic of errors in credit and loan agreements is the latest expensive scandal to hit the banking sector, with the cost already approaching £1bn. HSBC disclosed on Monday that it is setting aside hundreds of millions of pounds to refund customers for mistakes made in paperwork.

There is more info here-

http://www.theguardian.com/money/2014/aug/04/latest-banking-scandal-mistakes-paperwork-loans-hire-purchase-credit-cards-store-cards?CMP=EMCNEWEML6619I2

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