Ethical Banks

kaMelo

Well would you credit it. According to that list I'm an ethical investor because I chose to bank with Cumberland BS. I just didn't know it at the time.
(And of course it had nothing to do with the decent regular saver they offer. )

RG2015

I was thinking that nefarious was a bit strong an accusation for the mainstream banks. The Brussels Times article that implicates Triodos, however, does indicate activity that falls into this category.

I do applaud companies bringing ethics into their business plans but it is fraught with difficulties. I hope that Triodos act in accordance with their stated values and adjust their holdings in these companies.

gsmh

RG2015 said:

I was thinking that nefarious was a bit strong an accusation for the mainstream banks. The Brussels Times article that implicates Triodos, however, does indicate activity that falls into this category.

I agree. I'm just taking steps to switch my day-to-day banking elsewhere.

RG2015

gsmh said:

RG2015 said:

I was thinking that nefarious was a bit strong an accusation for the mainstream banks. The Brussels Times article that implicates Triodos, however, does indicate activity that falls into this category.

I agree. I'm just taking steps to switch my day-to-day banking elsewhere.

Have you confirmed the accuracy of the article and any response from Triodos?

gsmh

Yes. Colsten feels it's dodgy, and clearly doesn't like Triodos Bank but hasn't replied to me to suggest where I should move my day-to-day banking. It's either my existing Metro Bank account - which would require a journey to a branch to initiate the switch, or a new Co-operative Bank account where I could switch online.

ischris85

gsmh said:

Yes. Colsten feels it's dodgy, and clearly doesn't like Triodos Bank but hasn't replied to me to suggest where I should move my day-to-day banking. It's either my existing Metro Bank account - which would require a journey to a branch to initiate the switch, or a new Co-operative Bank account where I could switch online.

Colsten isn't your personal financial advisor

gsmh

I've just successfully opened a Virgin Money current account and am about to initiate a switch. Thank you colsten.

colsten

gsmh said:

colsten said:

Presumably Triodos got their 16 before their involvement with the scandalous practices in Cambodia came to light. Goodness knows how reliable the rest of the ratings can be considered.

Probably. Given how strongly I feel about banking ethically do you think I should move to another bank? I can't open a Cumberland BS account because I don't live in their marketing area. Given your knowledge of banks and banking, could you re-jig the list in the light of your experience? I already have a Metro bank account. Should I shift everything over to them and close my Triodos account?

I am not the right person to ask as I am very sceptical about the entire 'ethical' debate. I am of the view that all the banks have some skeletons in their cupboards once they have been about for a few years.

gt94sss2

RG2015 said:

gsmh said:

RG2015 said:

I was thinking that nefarious was a bit strong an accusation for the mainstream banks. The Brussels Times article that implicates Triodos, however, does indicate activity that falls into this category.

I agree. I'm just taking steps to switch my day-to-day banking elsewhere.

Have you confirmed the accuracy of the article and any response from Triodos?

No idea about the accuracy of the article but worth noting the article is an 'opinion piece' not a news article and that the author is listed as
Former Cambodian finance minister; interim leader of the opposition Cambodia National Rescue Party (CNRP) in exile in Paris.   

Which helps explain the critical  comments about the current Cambodian PM.

colsten

gt94sss2 said:

RG2015 said:

gsmh said:

RG2015 said:

I was thinking that nefarious was a bit strong an accusation for the mainstream banks. The Brussels Times article that implicates Triodos, however, does indicate activity that falls into this category.

I agree. I'm just taking steps to switch my day-to-day banking elsewhere.

Have you confirmed the accuracy of the article and any response from Triodos?

No idea about the accuracy of the article but worth noting the article is an 'opinion piece' not a news article and that the author is listed as
Former Cambodian finance minister; interim leader of the opposition Cambodia National Rescue Party (CNRP) in exile in Paris.   

Which helps explain the critical  comments about the current Cambodian PM.

The issue isn't about the current Cambodian PM but about the microfinancing which throws gullible people into hellish situations. This has been covered by various news outlets for at least a couple of years.