TSB...ethical?

PeacefulWaters

elizaclmn wrote: »

Like alot of us I am unsettled by how unethical the Co-Op have appeared...highlighted by their debts being partly caused by the PPI scam.

While there were some poor sales tactics used across the industry, the main problem with PPI was that the product was designed on a one size fits all basis. It wasn't specifically tailored to meet the needs of the individual.

PPI is a tiny part of the Co-op's current problems.

So while I am with them, and made the move when I was also retiring...I wish I had not now, especially as they look like they may go into administration.

So do I move my money now before I await the possible administration hitting, and then having to wait for them to give me my money back?

I'd suggest the likelihood of them becoming insolvent is low.

I tried to get some sense from TSB today. Three times I phoned through to their customer line and three times they did not respond to the word ethical....three times I had to explain what I meant eg their policy on investing in the arms trade, factory farming etc.

Most banks don't make a big song and dance about it like the Co-op did. Yet the Co-op still repossessed Granny's house if she didn't pay the mortgage. They still provided cheap credit facilities to a political party (effectively subsidised by other customers) that lied to
Parliament to start a war. They charged personal customers some of the highest bank charges in the industry. They paid some of the poorest savings rates. Their chief executive got a terrific bonus year after year, despite not being able to identify the most obvious set of bad debt ever (having replicated the lending policies of the disastrous HBOS I cannot believe that even the most basic assessment of their loan portfolio didn't take place).

Sorry, why did you bank with Co-op again?

The first time I was asked to phone back later and talk to my local branch

Fob off. "I'm only on £14,000 a year and don't know what you're talking about. I haven't been trained on this because there is no such policy".

the second time time they went searching for a manager but I inadvertently cut myself off so on phoning back was told to talk to HQ. I phoned their HQ, and the person on the switch board needed a name to put me through to which I did not have...I said what about investments....she could not help me as she had over 300 names to choose from.

Again, you were seeking out something that doesn't exist.

I can only conclude that ETHICAL is not a priority of TSB...their new image is a smoke screen for another inethical bank.

I don't really get what your expecting. You start your post worrying about PPI. Then you seek out the bank that, as part of Lloyds TSB, did more PPI mis-selling than any other.

You are seeking out a holy grail that doesn't exist. Seek out value for money instead and donate the gains made to a charity that meets your ethical standards.

Don't get hung up on trying to replicate the Co-op's marketing with another bank.

Banks aren't warm, cuddly, fluffy things. However much they might try to tell you they are.

elizaclmn_2

I am old enough to remember the TSB as it was in the 1950's...apparently a 'friendly society'...then it became Lloyds/TSB...then the TSB bit dropped off. The TSB bill board my Victoria train stopped at for a good 5 mins keyed into that "back to the 50's" branding, complete with friendly looking bank manager. But I have grown cynical so decided to quiz them this morning in the hope I could be reassured that the TSB may take guidance from their investors as to what investments their investors would rather they avoided...which is something the Co-op Bank does, making their latest stance very easy to access.

I liked the point about Tesco's and Waitrose starting small...I guess ethical investors may not be so unhappy with what Waitrose became unless they do not like their links with rearing game birds to shoot. The ethical investors will like their responsible sourcing of products and profit sharing....Tesco would come out much less clean.

A few months ago I asked my local Nationwide Building Society what their ethical stance was...again there was no stance except they invested in buildings but then they told me that excess money went where they could get the best returns...which could be extremely unlocal and supporting all manner of practices I would not approve of like depriving some indigenous tribe of their patch of forest so I could get some soya.

I do not think there are alot of choices for current accounts...building societies are not as clean as they look and even my beloved Co-op has majorily disallusioned us all.

gt94sss2

elizaclmn wrote: »

I have grown cynical so decided to quiz them this morning in the hope I could be reassured that the TSB may take guidance from their investors as to what investments their investors would rather they avoided...which is something the Co-op Bank does, making their latest stance very easy to access.

You are not an investor in a bank - you are a saver. If you want to be an investor buy some shares in a bank - they may then listen to you.

Do you really think the Co-op actually listened to you? In my view, Co-op were not an "ethical" bank - you have just been taken in by their marketing.

HSBC for instance have a whole section on their global website on their values. diversity/inclusion and sustainability policies - they also spend 100's of millions of dollars supporting these policies and environmental research each year- and refusing to do business with firms who don't comply with their policies - and the bottom of this page lists their policies on the defence industry, mining, forestry sectors etc. - does this make them ethical?

I do not think there are alot of choices for current accounts...building societies are not as clean as they look and even my beloved Co-op has majorily disallusioned us all.

beloved? they are and have been a second rate financial institution..

Regards
Sunil

101problems

You would be much better served investing/putting your savings into a local credit union as simply put what you are after no longer exists if it ever did let's not forget the Bank of England one of the oldest financial institutions in the world was set up to pay for navy ships!!!

elizaclmn_2

Yes the credit union is good...ours banks with the Co-op tho. Our credit union is making access to your money ever more easy...altho not nearly as as easy as the banks, and not online like the banks

The film Missing affected me alot...consumers have so much power to change things when it comes to money. .