RBS Vent - Mis-selling Royalties accounts

biggaz26

Jeff_Bridges_hair wrote: »

Rubbish. They are the same as all traders in that they are there to make money. And you don't really know what they said to her as your only now hearing it 3rd hand.

Now what one advisor may offer as a product another may think differently - even my bank tried to sell me a current account that was appropriate for me and the next time I went in they said that was wrong and then tried to sell me a different one - all in the name of making a sale.

Yes the banks have responsibilities but at 18 years of age so does anyone. A Independent financial advisor gives you advice - a bank just wants to sell you ever more different things to make money.

I recently went into my local Branch of Nat West and when I spoke to a member of staf I was bombarder with offers of accounts and mortgages and personal loans...Now fortunately I dont have the credit rating for most of them but I still believe that because of the nature of their business banks have a responsibility not to offer products to people that they have no use for. However stupid they may or may not be for accepting it

G

Jeff_Bridges_hair

biggaz26 wrote: »

I recently went into my local Branch of Nat West and when I spoke to a member of staf I was bombarder with offers of accounts and mortgages and personal loans...Now fortunately I dont have the credit rating for most of them but I still believe that because of the nature of their business banks have a responsibility not to offer products to people that they have no use for. However stupid they may or may not be for accepting it

G

But its called upselling and just about everywhere tries it on - whats the difference?

You walk into a starbucks or any coffee chain just for a cuppa - they will try and sell you a biscuit/cake/panini whether or not you can afford it.

Thats what they do. Its life.

Azari

bluenoseam wrote: »

Seriously, expecting banks to behave responsibly - you been living under a rock for the last few years? They will sell you ANYTHING to meet targets, that's part of their business - it's how the average banking grunt will earn their bonuses.

The facts are the guy in the bank probably dressed it up in a TON of blah blah blah designed to confuse the customer while slowing down for the "incentives". It's not nice, but ultimately it works - that's why people use it.

Jeff_Bridges_hair wrote: »

But its called upselling and just about everywhere tries it on - whats the difference?

You walk into a starbucks or any coffee chain just for a cuppa - they will try and sell you a biscuit/cake/panini whether or not you can afford it.

Thats what they do. Its life.

So, what you two are are basically saying is that just because someone or something has been behaving reprehensibly for a few years and others do the same it now has to be accepted without question and no one is allowed to criticise.

Jeff_Bridges_hair

Azari wrote: »

So, what you two are are basically saying is that just because someone or something has been behaving reprehensibly for a few years and others do the same it now has to be accepted without question and no one is allowed to criticise.

No - that is not what i was saying at all.. What i am saying, because you dont seem to understand, is that they have products to sell. The OPs daughter did not HAVE to sign up, she did. Their fault or hers?

You tell me.

Azari

Jeff_Bridges_hair wrote: »

No - that is not what i was saying at all.. What i am saying, because you dont seem to understand, is that they have products to sell. The OPs daughter did not HAVE to sign up, she did. Their fault or hers?

You tell me.

That depends on what you expect from a bank.

I actually suspect that the banks would not be too happy with your defending them for giving an 18 year old bad advice.

They want people to think they are responsible operators who are experts in financial matters and can be relied upon to offer their customers sound advice. Your defending them for operating like shifty barrow boys is probably not what they would like to hear.

I definitely blame the bank because they did not come up to the standard of behaviour I would expect of them. OTOH, I applaud them for correcting the situation without fuss.

If you want to spend your time defending people for poor service and blaming the victim, that's entirely up to you but it does not really go along with the ethos of this site.

Jeff_Bridges_hair

Azari wrote: »

That depends on what you expect from a bank.

I actually suspect that the banks would not be too happy with your defending them for giving an 18 year old bad advice.

They want people to think they are responsible operators who are experts in financial matters and can be relied upon to offer their customers sound advice. Your defending them for operating like shifty barrow boys is probably not what they would like to hear.

I definitely blame the bank because they did not come up to the standard of behaviour I would expect of them. OTOH, I applaud them for correcting the situation without fuss.

If you want to spend your time defending people for poor service and blaming the victim, that's entirely up to you but it does not really go along with the ethos of this site.

Do you live in the real world or are you normally this wooly?

They OFFERED her a product and she seemed to like what they were offering - i notice the only benefit the OP mentioned was 10% off car insurance nothing else - and so she signed up for it. She did not have to and im in no way defending the bank.If she had said no they may have offered her something else or nothing at all but moved her to a basic current account.Their advice to the girl was that this would suit her as it has these benefits all for this low price.


Get a grip would you - if someone offers you to buy something you either buy it or not - that is what an offer is.

Azari

Jeff_Bridges_hair wrote: »

Do you live in the real world or are you normally this wooly?

Get a grip would you - if someone offers you to buy something you either buy it or not - that is what an offer is.

On the basis of your somewhat laissez faire attitude there would be no such thing as financial mis-selling and a lot of other sharp practices would become acceptable.

Fortunately for those who do not have lightning quick financial analysis abilities that is not, now, the way the world works. Or, at least, not the way the UK works.

Their advice to the girl was that this would suit her as it has these benefits all for this low price.

They pulled the wool over the eyes of an impressionable teenager who does not have the world view or experience that a lot of people here have.

I don't think that's acceptable. You clearly do.

It's just a difference of opinion. Fortunately, the banks seems to share mine.

Jeff_Bridges_hair

Azari wrote: »

On the basis of your somewhat laissez faire attitude there would be no such thing as financial mis-selling and a lot of other sharp practices would become acceptable.

Fortunately for those who do not have lightning quick financial analysis abilities that is not, now, the way the world works. Or, at least, not the way the UK works.



They pulled the wool over the eyes of an impressionable teenager who does not have the world view or experience that a lot of people here have.

I don't think that's acceptable. You clearly do.

It's just a difference of opinion. Fortunately, the banks seems to share mine.

They didnt miss sell her anything though - or did they? Do you know that for sure ? They offered her a product that the person at the time thought would best suit her...

No wait a minute i have already repeated myself many times.

You do not have to have a world view nor any experience of anything to know whether you want a product or not. Its quite simple.

Nothing was miss-sold.

You just seem like someone who believes that every business is at fault(banks are an easy target) and that its not the consumers fault for agreeing.. Bit like the loan finding companies who amazingly have people bank details but they STOLE their money.

Its a load of rubbish and i for one certainly dont believe any wool was pulled over anyones eyes in this instance.

Azari

Jeff_Bridges_hair wrote: »

They didnt miss sell her anything though - or did they? Do you know that for sure ? They offered her a product that the person at the time thought would best suit her...

No wait a minute i have already repeated myself many times.

You do not have to have a world view nor any experience of anything to know whether you want a product or not. Its quite simple.

Nothing was miss-sold.

You just seem like someone who believes that every business is at fault(banks are an easy target) and that its not the consumers fault for agreeing.. Bit like the loan finding companies who amazingly have people bank details but they STOLE their money.

Its a load of rubbish and i for one certainly dont believe any wool was pulled over anyones eyes in this instance.

I've already conceded that it's just a difference of opinion.

Yours is that a bank should be free to say anything they like to an 18 y/o with little financial experience in order to persuade her to buy something that is totally unsuitable for her.

Mine is that they shouldn't.

It seems that that is also at the current opinion of the bank.

Do you by any chance sell beds, blinds, or double glazing. It would explain a great deal.

zppp

Azari wrote: »

I've already conceded that it's just a difference of opinion.

Yours is that a bank should be free to say anything they like to an 18 y/o with little financial experience in order to persuade her to buy something that is totally unsuitable for her.

How is it unsuitable?