OneGuyFromBarlick

I like that link Tiz, it backs up everything I have been saying.....
P, dead right, fines have no effect. I have always advocated direct financial penalties on the higher management and the use of handcuffs...... At the moment they are invulnerable. A touch of apprehension might do wonders for management standards!

Paul Lewis slammed the banks yesterday for leaving blind people in the lurch by changing their web sites without making sure the blind customers could still access them with their special software. Basically the banks don't care. And none of the banks, nor their industry body, would put a representative up for interview on Money Box. We need a law to make all organisations serving the public provide reps for live news programmes.

The new ethos of supreme self-interest has pervaded all sphere's of public life and one day there will have to be a reckoning. The banks are just one, very significant, example.
Did I read that Paul is suing Facebook for allowing advertisements that illegally use his name?

That's Martin Lewis not Paul.

Thanks Wendy, I had a suspicion I was confused, I am always mixing them up!
I think this is the place to mention the proposed merger between Asda and Sainsbury's. If it goes through they will have over 30% of the UK market and don't forget that Asda is actually Walmart. Not necessarily the best outcome for customers and staff.

The companies concerned always boast about `efficiencies of scale' they believe they can make by mergers or takeovers. But what they don't mention is the danger from putting all of our eggs in one basket. In the past, when shops, even supermarkets companies, were relatively small if one went bust or had other problems only a small number of people were affected. Now, imagine the hacking of a big supermarket company's computer systems leading to closure of the shops because they can't take payment. It will affect millions of people throughout in Britain. As well as `efficiencies of scale' there are `dangers of scale' too!

Very true Tiz and it alarms me as well. No such problems with the old corner shops!
I note they are very sanguine about suggestions that some stores adjacent to each other will have to close saying that the competition regulators will not allow this but who will want to buy them? They also said that the pensions fund will be safer as it will be larger. Really?

I don't think that THIS BBC report on the RBS closures needs a lot of comment. Just one more example of the banks focus on profits and complete lack of consideration for the needs and convenience of customers. And this is the bank we have a large stake in........

Not quite banking but I feel they are related. First the breakdown in the NHS system for managing scanning for breast cancer. It's another systems failure. Then the news that Cambridge Analytica has declared itself insolvent and is closing down world wide. The good news is that this will not halt the investigations into their conduct.
When it comes to managing IT, industry and public services appear to be like kids playing with fire.

See THIS report of the possible takeover of Virgin Money by the Clydesdale Bank. Remember 'too big to fail' in 2008? It appears that lessons have not been learned.

See THIS BBC report of the huge fine agreed by RBS in the US for mis-selling mortgage products. This is being hailed as a 'good result' by the bank and commentators. It says something about banks when a $5billion fine is a 'milestone'.

See THIS report on the conduct of Carrillion directors leading up to the collapse of the company. Can we please hear the clink of handcuffs being applied?

...and applied to auditors too. Politicians should admit some responsibility too, they should be preventing these problems rather than simply crying foul in retrospect. And last but not least is the Great British Public who seem oblivious to what's going on and don't mind being `taken to the cleaners'.

Ah yes..... the 'Big Four'. Private Eye have been banging on about them for as long as I can remember, particularly the combination of auditing and consultancy roles. Everyone agrees that it's wrong and proposes solutions but nothing changes. Could it be because, via the unpaid advisers they supply to government, they are influential?

Barclay's boss Jes Staley finally got fined over a million pounds...but that's nothing to him, he's rolling in money. And his wife has more than he has, she's part of a South American rich family.

I guess other members have been receiving emails recently describing how companies are going to comply with the new General Data Protection Regulations (GDPR) which come into force on the 25th of this month. I've had two this morning, but from companies with which I don't recall having any connection. They both invited me to confirm I was happy to continue ommunicating with them.

I don't think so . . . .

I've noticed that as well David. What we used to call 'Covering your arse' in the army. The equivalent of getting workers to sign Elfin Safety protocols. Once you do it everything is your fault!

See THIS Financial Times article for a report on how much is being drawn out of Final Salary Plans under the new legislation. There has been a quite alarming increase and we are allowed to wonder how many fund-holders will eventually regret trading security for less guaranteed incomes or even simply spending the money. There is also the question of the quality of advice (if any) they have been able to access. My gut instinct is still that this is a cunning financial wheeze to generate income for the Lords of the Universe and get more money circulating in the economy to partially compensate for the staggering economy. I wouldn't touch these schemes with a barge pole but then what the hell do I know about it......

THIS Guardian report on high cost lenders is worth reading. Our caring capitalist system encourages the poorest who have to have credit to survive to take loans at up to 1400% annually and then is surprised when the number of complaints rises. It is on a level with theft in my book and one thing is certain, none of the money men would countenance borrowing money at this rate of interest!

See THIS BBC report on the news that Barclay's Bank are tightening the conditions attached to loans because in the uncertainty of Brexit and the faltering performance of the economy. Funny, I thought the government had said that the economy was doing well.......

They're hoping the government will subsidise them by starting yet another Help to Buy scheme.

That could be right..... the worst mis-direction of funds ever! I'll not bore you with the reasons why, you know them already. Put down as an administrative error but I'm not so sure, I reckon they knew exactly where the funding would end up....
See THIS BBC report on the glitch in Visa credit services yesterday. If what they say is true this is a refreshing incident where there was no criminal intent but simply a hardware problem. A machine broke down.... I can forgive them that but it illustrates the knife edge upon which we function these days.

The Visa breakdown - the Daily Telegraph gleefully headlined it as `Cashless society in chaos as Visa crash cripples payments'. But they're right, it must have been a big shock and inconvenience to those who don't carry cash now but rely on contactless payment.

I don't carry cash but had the benefit of not buying anything yesterday

I'll bet retailers are annoyed with Visa - just think how much their sales will have fallen or been delayed!