Rip-offs

[newsroom]

Rip-offs: One interesting proof of how executives of many banks have lost focus on their primary responsibility (giving efficient and honest service to their customers), concentrating instead on speculative trading and other high-risk pursuits, is the fine of nearly £30 million imposed in the UK on HSBC, the international mega-bank, for grossly irresponsible marketing of its investment products.

Between 2005 and 2010 a subsidiary sold £285 million worth of investments to elderly and disabled customers. Investigators discovered that 87 per cent of the sales were unsuitable, as the average age of the customers was 83 – most would not live long enough to benefit, as the investments required the buyer to take a five-year view.