Banks face credit card payouts in fresh mis-selling scandal – FT.com

If you have ever had a UK credit card, this is a must-read FT article because UK banks are putting aside further billions of pounds to provide for compensation.

via Banks face credit card payouts in fresh mis-selling scandal – FT.com.

Let’s face it, UK banks make too much profit. Their staffs are interested in themselves and service and quality are subordinated. But there’s a powerful banking lobby which is stopping banks from being broken up.

Surely it’s time for The European Union to take a hard-look at UK banks’ service, quality and competition?

Thoughts?

One response

  1. Dr Alf is right the bigger banks should be broken up.

    Sadly they will not be because the people who have ultimate ownership of the banks are more powerful than any Government or the EU.

    Many of these banks are in the City and Corporation of London which,like the Vatican is a country in its own right which is leased to the Crown by its ultimate owner.

    The bankers guilty of all kinds of criminality and malfeasance during the banking crisis were never prosecuted for this reason and were never punished.

    Effectively they have an unofficial form of “diplomatic immunity” and are above the law.

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