Sunday 11 December 2016

Banks have had their way for too long - it's time to put manners on them

Published 19/10/2015 | 02:30

For too long banks have had their way – it is time they had manners put on them
For too long banks have had their way – it is time they had manners put on them

The tables are finally being turned on the banks. For years, the banks have been getting away with treating customers like little more than debt serfs, denying them the most basic of consumer rights, while the regulatory authorities failed to take action.

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The priority was to restore stricken finance companies to health, and proper customer care became collateral damage in that quest.

The upshot of this approach is a mortgage arrears mess. Variable rates among the highest in the eurozone, insurance companies pumping up premiums because they were allowed to under-price policies, and banks denying people their legitimate right to go back to a tracker rate.

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