View more on these topics

Which? wants bigger fines for banks

Which? head of campaigns Louise Hanson has called for higher fines and increased naming and shaming of banks that fail to treat their customers fairly.

Speaking at a Lansons fringe event at the Conservative conference in Birmingham this week, Hanson said banks should not receive discounts on fines for cooperating with the regulator.

She said: “There has to be more naming and shaming of banks that continuously do the wrong thing by consumers. The regulator also has to give higher fines and there should not be a discount for banks that cooperate during as FSA investigation. They should be expected to cooperate with the regulator.

“We cannot underestimate the damage done to consumers’ trust in banks by various misselling scandals.

“We had pension and endowment misselling, then more recently we saw bank charges and payment protection misselling. Banks should take on board the complaints they receive and improve the service they offer to consumers.”

“People in the industry have to stop denying that remuneration structures had anything to do with it. It does not help the consumer perception of the industry.

“I would like to see bank staff paid a higher basic salary with bonuses based on outstanding customer service rather than sales targets.”

Recommended

Government plans to introduce a tax break for married couples

The Government is considering introducing a tax break for married couples before the next election in 2015, according to the BBC. The report cites Treasury sources who deny that any new tax break is a reaction to the backlash to child benefit cuts announced by the Chancellor George Osborne yesterday. Osborne said that from 2013 […]

2

IMF chief warns of exchange rate war

The head of the International Monetary Fund Dominique Strauss-Kahn has warned that Government’s risk a currency war if they try to use exchange rates to solve domestic problems. Strauss-Kahn’s comments come on the back of news that the yen fell after the Bank of Japan engaged in its quantitative easing programme, which saw it cut […]

Russell Investments bolsters UK IFA team

Russell Investments has appointed Danny Callaghan as head of UK IFA sales within its UK private clients services investment team. Callaghan joins from Montpellier Asset Management where he was a partner. He was responsible for transforming the firms business model for the RDR. Prior to this he was a sales director at Zurich Financial Services. […]

7

The FSA’s professional foul

If something is good for consumers and you regulate it too closely and thus stop it being widely available, you are causing consumer detriment. The FSA is about to do something that will cause many consumers to suffer destitution. It seems too late to stop it. This is a cautionary tale. It starts, as ever, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. In homage to Ms Hanson:

    I would like to…. teach the world to sing in perfect harmony.

    Where does she think bonus comes from exactly? That’s right, profit. It is not given away by a great big tooth fairy in the sky for being a good sort.

    She may be remunerated in this fashion and luckily for her, as her suggestions do not make any sense in the real world.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com