Posted Aug 24, 2013 by Martin Armstrong
Tn the UK, regulators like the Financial Conduct Authority (FCA) are not as bought and paid for as they are in New York. The latest scandal to hit the banking sector involves CPP Group Plc as well as 13 other major banks and credit card companies. The scam has been to sell insurance to cover if your credit card is stolen for £30 a year and then £80 a year if your identity is stolen.
The banks and credit card providers involved are Morgan Stanley, HSBC Holdings plc, Banco Santander, S.A., The Royal Bank of Scotland Group plc, Barclays PLC, Capital One Financial Corp., MBNA of Bank of America Corporation, and Bank of Scotland, a unit of Lloyds Banking Group plc. There are other banks involved. Once one get a windfall, they all jump in.
Can’t wait to see the air lines cleaned up. They too are in out right fraud of consumers. Buy a ticket on line, then try to change it to the next day, and airlines like Delta just steal the money with huge fees.
The are over 7 million people who have been ripped off by the bankers and they will now have to refund the money on this insurance scam plus pay interest of 8%. The compensation will likely be paid early next year.
In the US, the SEC will fine them and pocket the money for itself. The consumer then tries to sue the bank, the case is moved to NYC, and then it is swiftly dismissed. In the USA, the consumer is always screwed.