Lloyds bank adviser avoids jail despite £200k client theft
Does this punishment really fit the crime? The actions of this adviser were fraudulent for an extended period during which time he continued to fleece vulnerable clients for significant amounts and abuse the trust of his employer.
This was no one-off aberration of behaviour, this was a sustained campaign of fraud. 300 hours community service seems a lot but he will be allowed a lengthy period to complete it, so over two years it works out at less than 3 hours a week. There seems to be little disincentive to prevent those who are weak and see a way to exploit the system from doing so.
The only crimes you hear about are the ones who get caught – but even when they do, they are often spared jail or receive what appear to be lenient sentences. We need to toughen up and set an example to others if we are to avoid the soiled image of the financial adviser sector from being perpetuated.
Andy Wilson
Lloyds accused of exploiting PPI ‘loophole’ to lower payouts
Your friendly bank is an oxymoron. Banks exist to make a profit. Their only product is money. We’d all be well advised to treat a visit to the bank with caution. They don’t act for you… it’s not like a visit to the doctor or solicitor… beware the lull of customer service veneer, they view you as potential profit only.
So it should come as no surprise if they wish to reduce the amount on a PPI or any redress claim, they are simply doing what any other money making enterprise would do. Whether the regulatory authorities should allow them to get away with it, is another question.
MoneyMan
Lenders in catch 22 situation over MMR – Bob Hunt
The Govt. may have given the house market a kick start with the ‘Help to Bu’ scheme but MMR is going to kill it – I have had 4 underwriters come back to me with totally unnecessary requests for further information, one case declined as he hadn’t declared his £10 pm dd to the RSPCA which is a donation, obviously this can be cancelled at any time – give me strength!
Robert Soles
Estate agents must manage vendor expectations, brokers warn
I’ve been saying this for months! I hear it every week from the estate agent, ‘Chris, vendor is complaining that the survey has not been done yet’ Hang on, the application was only submitted a couple of days ago!
If I submit an application for a client, I always email the agent I am buying from to outline the process and time scale with the lender of choice, asking them to inform their vendor from the off
Christopher Barker
Going it alone: meet the mortgage brokers turning DA Mortgage
I was DA for eight years and never once had a single issue with the regulator. The freedom to run and operate my business, without intervention from a Network was liberating.
Having changed roles and being part of a network for four years now, I can confidently say there are pros and cons on both sides, but I am a DA broker at heart and would encourage others to take the leap as you have nothing to fear, as long as you do the job properly…
Good Mortgage Man
Thank you for your comments this week
