Banking culture inquiry scrapped by regulator FCA

[determindator]

Found this on intrateripoff thread http://www.independent.co.uk/news/business/news/banking-culture-inquiry-scrapped-by-regulator-fca-as-osborne-pulls-dogs-off-the-banks-a6791651.html

[Conniff]

Moved to a thread of it's own.

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?457700-FCA-backtracking-and-now-going-soft-on-banks

 

It already has a thread of its own

[tobyjugg2]

Yes I was going to add it to the closed season on banker bashing thread.

 

The tories evidently fear that all those people who bankrupted us will take their high flying high paid crooks and bent businesses elsewhere for the next collapse if they aren't allowed to continue doing it here, let alone actually start prosecuting them for it.

[determindator]

It's a conflict of interest. So much so for setting up an independent body to help people.

 

We need the Lords to leap again:-D

[citizenB]

It's a conflict of interest. So much so for setting up an independent body to help people.

 

We need the Lords to leap again:-D

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?457719-Peers-pocketing-thousands-of-pounds-in-allowances-without-ever-contributing-to-House-of-Lords-debates

 

The Lords are too busy lining their own pockets before the gravy train stops.... !

[determindator]

http://www.consumeractiongroup.co.uk/forum/showthread.php?457719-Peers-pocketing-thousands-of-pounds-in-allowances-without-ever-contributing-to-House-of-Lords-debates

 

The Lords are too busy lining their own pockets before the gravy train stops.... !

 

Maybe they were the minority who didn't agree with reversing the Chancellor's tax credits faux pas

[determindator]

Ford, just read your post in another forum and posting it here

 

https://realfare.wordpress.com/2015/11/26/HSBC-whistleblower-biggest-bank-fraud-in-british-history-carried-out-on-uk-shoppers-and-covered-up/

[tobyjugg2]

Ford, just read your post in another forum and posting it here

 

https://realfare.wordpress.com/2015/11/26/HSBC-whistleblower-biggest-bank-fraud-in-british-history-carried-out-on-uk-shoppers-and-covered-up/

 

Yes, and this is the bank that threatened to leave the UK and take its abominable practices elsewhere if the hovernment didn't back off - which the tories (and probably labour) so fear.

They should be in jail.

[determindator]

Shadow Chancellor speaks

 

http://www.theguardian.com/politics/2016/jan/03/shadow-chancellor-renews-criticism-george-osborne-relationship-top-bankers

[Guest]

Ford, just read your post in another forum and posting it here

 

in Morganank's thread here

http://www.consumeractiongroup.co.uk/forum/showthread.php?457668-HSBC-Whistleblower

[determindator]

Thanks for the link up Ford. All very disturbing.

[unclebulgaria67]

There was never any intention to look into Banking, because they know what they will find and it will show that the level of risk is still too high. With the instant dealing capability of thousands of Bankers across London, linked to tens of thousands of Bankers around the world, it is very difficult to supervise what is going on.

 

The FCA and BoE are not capable in monitoring or regulating Banks, just due to the massively complicated ways they work.

[tobyjugg2]

There was never any intention to look into Banking, because they know what they will find and it will show that the level of risk is still too high. With the instant dealing capability of thousands of Bankers across London, linked to tens of thousands of Bankers around the world, it is very difficult to supervise what is going on.

 

The FCA and BoE are not capable in monitoring or regulating Banks, just due to the massively complicated ways they work.

 

Its not a matter of wholesale monitoring, which as you say would be impossible.

its creating an environment where they need to prove they are acting legally and having real penalties when they dont.

 

That would make them more liable to act responsibly.

 

If there is no risk and no penalties for shafting countries and people by the million, then they will continue with what they have and are still doing.

[theoldrouge]

The FCA started going soft the minute Wheatley was sacked by Osbourne

 

It will end up the same as the ineffectual FSA

[determindator]

A third enquiry into the banking industry has been shelved in a week by the City Watchdog.

 

http://www.dailymail.co.uk/news/article-3386304/Bankers-let-hook-time-week-Watchdog-shelves-mis-selling-probe-revelations-financial-advisers-bribed-sell-products.html

[tobyjugg2]

and with the Chinese house of cards on the brink of collapse, a good chance we will be back in financial crisis again as absolutely FA has been done to address the issues, and the Financiers know they will not be prosecuted for their misdeeds - apart from perhaps a few in the US

[Conniff]

They may have a certain amount of confidence in not being prosecuted, but they, like most of us, can only be pushed so far.

 

If the continued down on banks continues, they will without a doubt move to the far east and a major source of UK income will dry up and profits will be moved abroad with Joe Public being the main victim.

[Old Cogger]

still no excuse for any bank to circumnavigate law of any particular country they reside in, some Asia countries would not tolerate it anyway,

 

Treatment by HSBC in the 80s to their staff in one Asia country because they were paying peanuts for a days work i..e. equivalent to £2.20 per day so staff went on strike as HSBC would not talk about pay treatment of its workers = HSBC Sacked the lot, that is the fundamental HSBC reckoning, and hence Bosses have high salaries at the sweat of the minority, this has happened since time began.

[tobyjugg2]

If the continued down on banks continues, they will without a doubt move to the far east and a major source of UK income will dry up and profits will be moved abroad with Joe Public being the main victim.

 

UK income/Profits? ROFL

How much corporation tax has HSBC paid in the UK?

 

Straight from the FT: (and yes it would appear to be in $ paid not £)

 

"in the UK the bank (HSBC) paid only $69m of corporation tax, up from a negative tax bill of $8m the previous year."

 

http://www.ft.com/cms/s/0/db89a232-ecf7-11e4-bebf-00144feab7de.html#slide0

[Conniff]

If what you say and the Times says is true, (but it's a newspaper so can't really be believed), that is still $69m loss to the uk.

[tobyjugg2]

If what you say and the Times says is true, (but it's a newspaper so can't really be believed),

 

Howls with laughter

 

that is still $69m loss to the uk.

 

The NEF, an independent economic think-tank, has said the banks received £1.2tn in support during the financial crisis.This equates to 85% of the UK's national income in 2009, it said.

 

http://www.theguardian.com/business/2013/dec/17/uk-banks-benefit-from-massive-state-subsidies

 

"Nef calculates the lower borrowing costs that banks enjoy as a result of the market's expectations that the government is ready to bail out the sector. The impact is greatest on Barclays – of £11.7bn – and smallest on HSBC of £4.6bn."

 

So HSBC benefit to the tune of £4.6B simply on their receiving cheap loans - which they ramp up massively when loaned on to customers, just on the expectation that the tax payer here will carry the can WHEN they fail.

[Conniff]

Howls with laughter

 

 

 

The NEF, an independent economic think-tank, has said the banks received £1.2tn in support during the financial crisis.

 

Well good luck to them, it shows that the bosses are after all earning their fat bonuses and are a darn sight more clever than the Governments.

[determindator]

If what you say and the Times says is true, (but it's a newspaper so can't really be believed), that is still $69m loss to the uk.

 

 

Camelot can probably make that up in sold tickets in a day:madgrin:

 

I've always thought Camelot were a secret bank as it's funny others have found it impossible to set up their own lottery. You'd think it would be against competition law.

[determindator]

http://www.independent.co.uk/news/business/news/vince-cable-says-george-osborne-lacks-motivation-to-crack-down-on-banking-abuses-a6795386.html