Tell Ed Balls MP your views on consumer banking

Former_MSE_Wendy

[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] What's this all about?[/title]

As part of its banking reform campaign, consumer group Which? would like to hear your views on consumer banking at an event on Thurs 8 September in central London called "A fresh approach to banking: Designing a system that works for you".

Shadow Chancellor Ed Balls MP will be at the event to listen to your views (Vince Cable MP attended a similar event recently) and Which? will use the results within its banking reform campaign, so it's a real chance to have your say. Refreshments will also be provided.

Event agenda:
17.30pm – Registration
17.50pm – Introduction from Which? and Ed Balls MP
18.10pm – Roundtable discussions in groups
19.00pm – Feedback session chaired by Which? Executive Director Richard Lloyd with support from Ed Balls MP
19.30pm – Event close

[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] How to register[/title]
Which? would like a range of people to go, including MoneySavers, so please register your interest to attend on the following form.

There are around 40 places available (which will be allocated on a first come first served basis).

You should provide your name, occupation, home town, email and contact telephone number, plus any dietary or special requirements, and can email [EMAIL="events@which.co.uk"]events@which.co.uk[/EMAIL] for more info.

MothballsWallet

I'll be on holiday, and why do all these things have to be in London? Is it because all those involved have cheap sat navs that don't work outside the M25?

Can we have an ideas thread here as well for those of us who can't/won't make it to the event? Anyway, here's a couple of ideas:

• It's been said before, but I like the idea of splitting the investment and retail arms up more.
• Also, if a bank goes down the toilet, the senior management foot the bill out of their own pockets - no more taxpayer bailouts.
• Fine banks' senior management who allow bad practice to occur and continue.
• Make the FSA use their sanction powers more (they're afraid to use it atm), and fine them if they don't use those when they should.
• Make banks pay a financial services deposit into a ringfenced fund that's used to pay out when they screw up - if they don't screw up, they get the deposit back at the end of a several year period.

piotremm

It would be useful if banks when showing the amount available in accounts would also by law indicate the current interest rates.

mcgazz

It's never going to happen, but an anti-usury law would be nice.

It could take the form of a legal maximum interest rate for credit, set at something like (base rate + 20)%, so with the base rate at 0.5% the maximum legal APR would be 20.5%; if the BOE base rate was 10%, banks could charge no more than 30% and so on.

mcgazz

Or how about, after retail and investment banking are separated, a legal duty to nationalise failed retail banks. If a retail bank goes bust, the government should be obliged to take it over to protect customers' deposits and staff jobs. Shareholders wouldn't need to be compensated - 'the value of investments can go down as well as up' remember
The government could then sell the bank back into the corporate sector when its performance is better.

TypeR

Ban "Quantitative Easing" or the unsexy way of saying it, Printing money out of thin air!

If there is a demand for money, then raise interest rates! Stealing off savers is wrong!

hackincough

I agree that retail banking should be kept seperate from investment banking but we will all have to pay a lot more for our day to day banking.

WHATEVER YOUR VIEW PLEASE TRY TO KEEP ED BALLS AND HIS FELLOW SPIVS OUT OF IT!!

I<3MCR

I will not able to attend the event but would like to know the bank's profit and English tax paid to be published along side, nationally and locally. Thus, we can see how much profit they actually make and how much they contribute nationally and to local communities. I am sure the banks have an individualised balance sheet for each town, and I assume therefore the info is already available.

If you are attending, please can you ask my question on my behalf?

Thanks

i<3MCR