Take a Drink!

Confidence in the financial services sector as a whole is at a low level. Conduct issues since 1990 have been a major factor, particularly the significant instances of widespread mis-selling of financial products to retail consumers. These include personal pensions, mortgage endowment policies, split capital investment trusts and payment protection insurance (PPI). Millions of consumers have suffered detriment on a large-scale and, together, the industry has had to make compensation payments of approximately £15 billion, with most PPI redress still to come. Such outcomes would be regarded as unacceptable in other sectors of the economy. They demonstrate that a new approach to conduct regulation is essential.

I didn't write that. I copied it. And pasted it. A new approach is needed. So it says. Latest pish from the deck chair re-organisers. Anyone remember the old mutual societies? Like Northern Rock. And what did Thatcher do to the TSB?. How can we combat a culture driven by individualism and greed? Anyone fancy a bit of Bolshevism?