We also round-up the best comments, emails and letters to the site and pick one reader contribution as our Star Letter. This week’s award goes to: FCA cautions lenders on overstrict affordability criteria
For all of the FCA’s bureaucracy which stifles and often strangles the market the lenders are not the ones to be pitied. Or at least not the big banks.
The lenders have their eyes wide open as they calculate the next policy that will allow a mass market rip-off. Whether it is aggressively targeting advisers for endowments or pension switching or PPI or pressurising their traders leading to LIBOR rate rigging.
They are seldom unaware when a scandal is uncovered. Banks are determined to make money using whatever method. There is always a layer that can take the blame. Counter staff, advisers, traders or management, but never the policy makers.
Mug their own granny? Of course, but at least they wear a suit when they take away life savings. In fact if they can arrange for someone else to mug their granny and pass on the loot even better.
Chris Whizzy