HBOS shares

setmefree

Bad debts have been amassed by banks making "sub-prime" home loans to borrowers with poor credit records. The loans were repackaged and sold on by investment banks which say they often have no idea who ultimately holds the debts.

The commercial banks admit to being guilty of major points of weakness in business practice including bankers' pay and the management of risk. They are not hapless victims of bad luck. British banks, in particular, lent too much, too quickly, too carelessly, based largely on the optimistic but irrational belief that house prices can only increase and never fall.


The Financial Services Authority (FSA) today published its latest review of the behaviour of intermediaries and lenders within the sub-prime mortgage market, which services consumers with impaired credit histories. It has found weaknesses in responsible lending practices and in firms’ assessments of a consumer’s ability to afford a mortgage. As a result the regulator has started enforcement action against five firms.

Yeah never the Banking Industries fault is it

esbo

The whole of the UK banking and finance industry is a disgrace, with irresponsible lending and bad practices rampant.

The UK econemy would not be in the situation it is at the moment if the industry was regulated properly.

What it all boils down to is banks lending people more money than is appropiate for
their situation. Untill that situation changes this will happen again and again (assuming the industry ever recovers from the current crisis it faces).

It is the banks fault and it's time they had the guts to admit it - by resigning.
The whole of the UK finance industry stinks from top to bottom.

dunstonh

None of which has got anything to do with execution only purchasing of shares.

esbo

Aegis wrote: »

I think you're railing against IFAs without really understanding their role in the financial services sector.

Their role, as I understand it, is to make as much money as possible, for themselves.
Did you have something else in mind?

dunstonh

esbo wrote: »

Their role, as I understand it, is to make as much money as possible, for themselves.
Did you have something else in mind?

And I suppose you go to work for love and not to earn a living?

How stupid to think that all those other people travelling to work each day are doing it for free.

shokadelika

noddy321 wrote: »

I have already contracted the FOS.
Yes I was naive and foolish but I still believe that to give someone a 320K trading limit when they knew I had a 5K income is madness. And yes I know I did not have to spend any of it but why give these facilities when I never asked for it. If I had of asked for it and lost all my money it would have been 100% my fault but I do think the bank should take some responsibility.

You not only accepted but used the limit even though you knew "it was madness".:rolleyes:

Now what if you had managed to double that money?.

Would you be complaining now.;)

jamesd

Noddy321, sorry to hear your sad story.

When it comes to Northern Rock, the owners took responsibility and lost almost all of the value of their shares, as usual when their managers get things badly wrong or get caught out badly by changinig trading conditions. The government stepped in not to protect the shareholders who owned the company but to protect the savers and financial system. The savers were protected to a large extent by the FSCS guarantee if that had been necessary and the government is required to protect the UK financial system as part of its job.

esbo

dunstonh wrote: »

And I suppose you go to work for love and not to earn a living?

How stupid to think that all those other people travelling to work each day are doing it for free.

How stupid of you to suggest I said that.
You would certaintly be the last person I would take financial advice from.
And you are a bad advert for your 'industry'
You are precisely the type of person I would expect to find working in the industry and that is why the UK is in the financial crisis it is in today.

dunstonh

You would certaintly be the last person I would take financial advice from.

Not much problem there as I tend only to deal with adults. Plus I get to choose who I deal with and your attitude stinks.

And you are a bad advert for your 'industry'

Now you really are being stupid. You have posted nothing beneficial to this thread and much of what you posted is inaccurate and misleading. You have tried to turn this thread into an anti bank, anti IFA and anti financial services rant. Yet noddy's dealings have nothing to do with IFAs, nothing to do with retail banking and nothing to do with advice of any sort. The dealings are with an execution only stockbroker service. A service you clearly know nothing about.

You are precisely the type of person I would expect to find working in the industry and that is why the UK is in the financial crisis it is in today.

You dont know a thing about me and you clearly know little about the industry.

jem16

esbo wrote: »

What it all boils down to is banks lending people more money than is appropiate for their situation.

What it boils down to is people wanting something now and not being prepared to save up for it first.

If there wasn't a demand for 100% plus mortgages the banks would not have been offering them.

It's time today's society took responsibility for their own actions.