Just like dodos and dinosaurs before them, the local Banks and helpful Bank Managers we once knew are extinct.
We are left with the so-called ‘Big Five Banks’. At one time or another all of them have been embroiled in scandal. If it’s not mis-selling Payment Protection, fixing LIBOR and exchange rates or money laundering, then it’s assisting in tax avoidance. Now we hear that a bank may have wilfully sought gain by pushing their customers under, with all the misery and pain that goes with it. How low will they go?
Nor has it stopped there. If you are a depositor you can get virtually no interest on your deposits from them, and if you are a borrower it is virtually impossible to get a loan on acceptable terms unless you are one of the most privileged few.
What’s more, nearly all of the Banks have been bailed out with tax-payers money (their own customers and ours).
Has this stopped the management of these institutions, who should be the guardians of probity and paragons of virtue, from paying themselves obscene remuneration and bonuses? No. One wonders why the shareholders of these institutions are not holding their managements more to account?
Fortunately the ‘FinTech Revolution’ is increasingly providing real alternatives to the services provided by ‘The Big Five’. We should all be supporting alternative finance like P2P funding more. Long live the revolution!