Ethical Banking

Lexingtononetwofive

I greatly admire the work of MSE but am also hugely disappointed that ethics are not considered in your recommendations. Today’s MSE’s Money Tips recommends signing up for a Chase bank account, with no mention of their appalling ethical record on the environment, human rights and paying tax. According to a Guardian Money report from December 2022 “the Chase current account, JPMorgan’s consumer brand in the UK, was the fourth-worst ranked current account with a red – or poor – rating and a recommendation that this was a ‘brand to avoid’” based on a study by Ethical Consumer Magazine. I have found similar conclusions from other organisations in the US where Chase are headquartered.

Given MSE’s position in the market place, I find it irresponsible that ethics are not given consideration in your recommendations. I appreciate your approach of always finding the lowest cost options, supporting the least affluent in society, but the ethics of banks like JP Morgan Chase have catastrophic global impacts which ultimately, most harm the least affluent in society.

Zanderman

Lexingtononetwofive said:

I greatly admire the work of MSE but am also hugely disappointed that ethics are not considered in your recommendations. Today’s MSE’s Money Tips recommends signing up for a Chase bank account, with no mention of their appalling ethical record on the environment, human rights and paying tax. According to a Guardian Money report from December 2022 “the Chase current account, JPMorgan’s consumer brand in the UK, was the fourth-worst ranked current account with a red – or poor – rating and a recommendation that this was a ‘brand to avoid’” based on a study by Ethical Consumer Magazine. I have found similar conclusions from other organisations in the US where Chase are headquartered.

Given MSE’s position in the market place, I find it irresponsible that ethics are not given consideration in your recommendations. I appreciate your approach of always finding the lowest cost options, supporting the least affluent in society, but the ethics of banks like JP Morgan Chase have catastrophic global impacts which ultimately, most harm the least affluent in society.

This is the MSE Forum - you're not writing to MSE here, merely to the forum members.

Your point about ethics is worth making, but if you want to make it to the people who run MSE you'd best write to them direct. 

Albermarle

Given MSE’s position in the market place, I find it irresponsible that ethics are not given consideration in your recommendations.

This is a forum of posters with no formal links to MSE, so although your comments may be discussed/elicit comment, it will have no influence on MSE policies.

dunstonh

I greatly admire the work of MSE but am also hugely disappointed that ethics are not considered in your recommendations.

a) whose ethics should they consider?
b) why should MSE impose its opinion on its ethics on the rest of us?

Given MSE’s position in the market place, I find it irresponsible that ethics are not given consideration in your recommendations.

MSE doesn't make recommendations.  It provides information.  Anybody reading them is free to add their own filters to that information.

ColdIron

Ethics are a matter of opinion, MSE does facts. I am motivated primarily by interest rates and ethics (one man's meat is another man's poison) come far down my list

MSE would also need to tread very carefully, and be pretty confident of their ground, before slinging mud around at large litigious companies

PS I like the allusion to the Velvet Underground in your user name

Band7

There's a great business opportunity for you, @Lexingtononetwofive - set up your own social media and TV presence, keeping people informed about accounts that are compliant with your views of ethical banking. 

born_again

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DullGreyGuy

Lexingtononetwofive said:

I greatly admire the work of MSE but am also hugely disappointed that ethics are not considered in your recommendations. Today’s MSE’s Money Tips recommends signing up for a Chase bank account, with no mention of their appalling ethical record on the environment, human rights and paying tax. According to a Guardian Money report from December 2022 “the Chase current account, JPMorgan’s consumer brand in the UK, was the fourth-worst ranked current account with a red – or poor – rating and a recommendation that this was a ‘brand to avoid’” based on a study by Ethical Consumer Magazine. I have found similar conclusions from other organisations in the US where Chase are headquartered.

Given MSE’s position in the market place, I find it irresponsible that ethics are not given consideration in your recommendations. I appreciate your approach of always finding the lowest cost options, supporting the least affluent in society, but the ethics of banks like JP Morgan Chase have catastrophic global impacts which ultimately, most harm the least affluent in society.

Their consideration is price... if you are cynical then also commission paid for referrals. 

They've promoted many companies with terrible service and low quality products but because they are £5 a year cheaper they get the top recommendations. Does them well though... £40m of revenue and £25m of profit each year fairly regularly since they took the company back to a LTD after Martin sold it, he turned it to the exceptionally rare unlimited liability company, large profits are a bit embarrassing. 

RG2015

ColdIron said:

Ethics are a matter of opinion, MSE does facts. I am motivated primarily by interest rates and ethics (one man's meat is another man's poison) come far down my list

MSE would also need to tread very carefully, and be pretty confident of their ground, before slinging mud around at large litigious companies

PS I like the allusion to the Velvet Underground in your user name

Wow, that’s a blast from the past!

Alternatively 

https://ourstage.com/epk/lexington125

eskbanker

ColdIron said:

PS I like the allusion to the Velvet Underground in your user name

Ironic when OP evidently has no enthusiasm for dealing with The Man....

RG2015

eskbanker said:

ColdIron said:

PS I like the allusion to the Velvet Underground in your user name

Ironic when OP evidently has no enthusiasm for dealing with The Man....

My thoughts exactly but couldn’t think of an eloquent, let alone pithy way of expressing them.