Financial institutions shown up as scum yet again
The sneaky, grabbing weasels that populate the financial services industry have had another couple of pokes in the eye as regulators try to make them act more like decent human beings instead of the thin-lipped, robbing filth-pigs that they almost surely are.
First up, following pressure from the Office of Fair Trading, banks have agreed to make their charges clearer to customers and will provide an annual summary of the cost of each customer’s account. Switching your account from one bank to another will also become easier. The new measures should be in place by 2011 – no rush then.
Secondly, about one million people will be affected after mortgage lenders and insurers were ordered to pay back a total of £60 million to customers whose payment protection insurance premiums went up this year. An investigation by the FSA showed that premium increases and the levels of cover available were, in the words of a spokesperson “abject and shitty.”*
We’ll shortly be launching a campaign calling for the heads of every bank in the world to be hurled into a swimming pool filled with the boiling spittle of their customers. Who’s with us?