Nationwide raises its specialist rates just because it can
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Following Skipton raising its SVR, Nationwide has clearly come to the conclusion it can boost its top line by shafting the minority. It is raising its rates because it can - not because it has to.
The FSA’s Treating Customers Fairly initiative is a joke and simply another manifestation of bureaucracy. The idea is sound but lenders don’t give two hoots and remain untrustworthy in the eyes of consumers.
Unfortunately for consumers other building societies are sure to follow this trend and once the round of specialist SVR rises is complete mainstream lenders will take the same route.
It seems the public will continue to draw the short straw when it comes to financial services.
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