Thursday 14 December 2017

Central Bank finally acts to protect the consumer

THERE has been understandable frustration that so much water has passed under the bridge and so little has changed in the interest of the consumer since the crash.

In the aftermath of the financial collapse, this was probably best articulated by Joseph Stiglitz, who lamented: "We have banks that are not only too big to fail, but too big to be held accountable."

The Nobel prize-winner railed against the fact that those who played exclusively by their own rules and for their own interests, without due scrutiny, could profit so handsomely in politics and business.

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