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Lib Dems call for review of banking profits

The Liberal Democrats are calling for an urgent review of banking systems following HSBC reporting pre-tax profits of 6.7bn,

Shadow chancellor Vince Cable MP says: “There is a serious question mark about the level of profits in the banking sector.

In March 2000 the Cruickshank report provided a serious set of broad recommendations for action, yet the governments failure to act has meant that we are in the worst of all worlds.

“Piecemeal and ad-hoc investigations by the Office of Fair Trading are being relied upon too heavily while the level of charges and levels of service deteriorate.

“With soaring profits seemingly unrelated to the standard of customer service, whether it be overdraft charges or cheque clearing times, there will be increasing pressure for a windfall tax on banks.

“We do not believe that is the right way forward. There is now an urgent need for an overall review of the banking system, a Cruickshank II, whose recommendations must be more seriously investigated.”



Name: Richard Beardshaw Age: 32 Company: Platform, the intermediary lender of Britannia. Job title: Head of sales. Where do you live? Olney, Buckinghamshire. Describe your current job: I am responsible for managing Platform’s sales force and the company’s sales strategy. I oversee two divisions and our internal sales support team, totalling 24 staff including two […]

HBOS increases gross mortgage market share by 22%

HBOS estimates its gross market share of the mortgage market increased to 22% in the first six months of 2006, up from 21% in 2005. The lending giants interim results also reveal gross mortgage lending was 35.2bn as of June 30 2006, up from 27.6bn from June 30 2005. Net mortgage lending rose to 10.3bn, […]

Scrap this rule that excludes older people

Earlier this month the Financial Services Authority announced its decision to consult on a change to the definition of pure protection, which was great news for the industry.

Brokers say no to high multiples

Broker research carried out by Alliance & Leicester exclusively for Mortgage Strategy shows a startling 84% of brokers would not recommend 8 x income products to first-time buyers. Just 12% say they would recommend them, with 4% unsure. John Wriglesworth, economist and PR guru, predicted at the Mortgage Summit 2006 in Jerez that 8 x […]


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