Banks - I told You So :-(

Banks - Treating Customers Fairly...Badly (3)

I told you so...

No one likes a smart alec and in these circumstances I don't even like to be right myself, but regular blog readers will recall my postings of November 22 and 23 last year where I lamented the generally abysmal service and bad practice of high street banks in their treatment of customers.
I explained that on numerous occasions I was spending substantial amounts of time with clients pointing out (at best) misleading info from banks and (at worst) pure mis-selling.

Sadly this has been proven in the recent case of Barclays
A fine of £7.7 million pounds and redress to customers estimated at £68 million pounds.
Good grief, what massive numbers.

If you are thinking of obtaining investment advice please seek out a qualified, fee based, independent adviser.

If this were an isolated incident I'd be less worried but I fear that before the year 2011 is out I'll be able to post a few more "I told you so" stories.
What a shame that the banking profession in the UK, once looked up to around the world, is now so tarnished...

It is worth repeating: If you are thinking of obtaining investment advice please seek out a qualified, fee based, independent adviser.


Sources:

BARCLAYS FACES BILL OF £68M FOR BAD ADVICE
Read more: http://www.express.co.uk/money/view/224001Barclays-faces-bill-of-68m-for-bad-advice#ixzz1BVuDq2z1

Barclays Fined a Record £7.7 million
http://www.freshbusinessthinking.com/news.php?CID=&NID=7134&Title=Barclays+Fined+a+Record+%A37.7+million

Barclays fined £7.7 million for Aviva fund sales failings
http://www.citywire.co.uk/wealth-manager/barclays-fined-7-7-million-for-aviva-fund-sales-failings/a463783?ref=wealth-manager-latest-news-list

Barclays fined £7.7 million for mis-selling
http://www.moneywise.co.uk/news-views/2011/01/18/barclays-fined-77-million-mis-selling

FSA fines Barclays over investment failures
http://news.yahoo.com/s/afp/20110118/wl_uk_afp/britainbankingregulatecompanybarclaysfsa


If you want to read more just google it, there are hunderds...