Taunton financial adviser speaks out about banking worries

This is The West Country: Dave Penny. Dave Penny.

A FINANCIAL adviser says he has been contacted by clients who were offered inappropriate products by bank sales people.

Dave Penny, managing director of Taunton-based Invest Southwest, who resigned as a Lloyds TSB area manager in 2000, spoke after Lloyds was fined £28million for “serious failings” by encouraging staff to mis-sell financial products.

Mr Penny said: “The public declarations by some bank bosses that everything has been fixed aren’t borne out by what I’m seeing.

“I’m still getting cases where my own clients are continuing to be treated appallingly by their banks and I meet current bank staff who say the old heavy pressure to sell is still very much there.”

He cited the case of a woman who, this autumn, put £30,000 in her current account with a view to investing in the Stock Market and was phoned and incorrectly told the money could be at risk.

Another client was last year put under “sustained pressure” to move money from his current account into a riskier share-based investment, with phone calls and a home visit.

Mr Penny said an employee of another bank told him staff regularly inform clients that money in a current account may not be safe and would be better in a savings account.

Mr Penny said: “That’s a complete lie. Staff will say that cashpoint cards and debit cards are more liable to fraud, but if money is fraudulently taken from an account, the banks have to recompense the clients.

“There’s disgraceful mis-selling going on and it’s down to pressure management.

“Employees are being told they’ll lose their jobs if they don’t make sales.

“A supposedly strict compliance regime is meaningless if the management style is putting immense pressure on staff to sell, sell, sell. To keep their jobs, staff will always find ways around compliance.”

Mr Penny added that customers should think of banks as shops plugging their own products in the same way as people selling cars or double glazing.

He said: “Banks have every right to sell their products as long as it is not disguised as advice.”

A Lloyds spokesman said: “Some of the allegations date back a number of years and we do not endorse the behaviour that they allege.

“We have already made significant changes and we continue to review our processes and encourage our colleagues to talk to us if they do have any concerns.

“Currently, part of the bonus scheme is related to sales, but only a part.”

He added that Lloyds accepts the findings of a Financial Conduct Authority investigation into “historic systems and controls governing incentive schemes for branch advisers”, admitting “our oversight ... was inadequate” and apologising to customers.

Anyone who may have been mis-sold a financial product by their bank can call Mr Penny on 01823-353970 or write to Invest Southwest, 49/50 East Street, Taunton TA1 3NA.

Comments (6)

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6:18pm Fri 27 Dec 13

TauntonBloke29 says...

Has he paid you for this publicity? Is this an advert for his services?????????
Has he paid you for this publicity? Is this an advert for his services????????? TauntonBloke29

7:22pm Fri 27 Dec 13

Somerset.SocialistParty says...

TauntonBloke29 wrote:
Has he paid you for this publicity? Is this an advert for his services?????????
Yep TauntonBloke, this Is most definitely yet another advert, fraudulently 'dressed up' by the SCG, and falsely presented as a 'news' item!
[quote][p][bold]TauntonBloke29[/bold] wrote: Has he paid you for this publicity? Is this an advert for his services?????????[/p][/quote]Yep TauntonBloke, this Is most definitely yet another advert, fraudulently 'dressed up' by the SCG, and falsely presented as a 'news' item! Somerset.SocialistParty

8:00am Sat 28 Dec 13

FreeSpeech? says...

Somerset.SocialistPa
rty
wrote:
TauntonBloke29 wrote:
Has he paid you for this publicity? Is this an advert for his services?????????
Yep TauntonBloke, this Is most definitely yet another advert, fraudulently 'dressed up' by the SCG, and falsely presented as a 'news' item!
Yes another advert dressed as a story, exactly the same as the one posted by SomersetSocialistPle
b concerning him handing out his purile **** outside Clarks in Tauntons high st.
Like to repost Monuments comments as thought they were great.

"Please promise you will continue to post your long winded, ranting posts in the new year.

They remind me of my formative years in Wellington in the 70's, and by doing so you will continue to ensure the electorate of west somerset will never elect a Socialist or Labour MP or Council.

Keep it up you old 70's left wing looney you."
[quote][p][bold]Somerset.SocialistPa rty[/bold] wrote: [quote][p][bold]TauntonBloke29[/bold] wrote: Has he paid you for this publicity? Is this an advert for his services?????????[/p][/quote]Yep TauntonBloke, this Is most definitely yet another advert, fraudulently 'dressed up' by the SCG, and falsely presented as a 'news' item![/p][/quote]Yes another advert dressed as a story, exactly the same as the one posted by SomersetSocialistPle b concerning him handing out his purile **** outside Clarks in Tauntons high st. Like to repost Monuments comments as thought they were great. "Please promise you will continue to post your long winded, ranting posts in the new year. They remind me of my formative years in Wellington in the 70's, and by doing so you will continue to ensure the electorate of west somerset will never elect a Socialist or Labour MP or Council. Keep it up you old 70's left wing looney you." FreeSpeech?

1:32pm Sat 28 Dec 13

Somerset.SocialistParty says...

The easiest way to get rich quick is to work for the banks and badger the vulnerable to buy insurance

Once you’ve accepted the rules – all that matters is selling a policy – there are no moral barriers

Who’d have guessed this? Lloyds has been fined £28m, for encouraging staff to sell policies to people who neither needed nor wanted them. Those who sold the most won cases of champagne, and those that didn’t could have their salary halved.



This proves that the banks take regulations seriously, as they’re adamant that members of staff who don’t break the regulations will be dealt with severely, and only those who break them all day long will be given any rewards.

This illustrates one of the many changes in the 50 years since the Great Train Robbery, as now Ronnie Biggs would make more money and satisfy his urge to rob much more, if he got a job WITH the bank.

One member of Lloyds staff was so terrified at not reaching his quota, that he sold a policy to his own wife. It’s just as well they’ve been caught or he’d start on his kids next, saying: “You don’t want an ice cream like your stupid friends. Instead I’ve sold you a Lloyds Super Value Triple Interest Bonanza scheme. You might cry now, but you’ll thank me for it in 10 years when it’s worth sod all.”

They must have been desperate to sell these packages, pleading with the elderly that: “You’ve got to put your savings into a Lloyds Advanced Finance Protection Account dear, otherwise with interest rates the way they are, you’ll have to sell your grandchildren to an Albanian child trafficking gang and that could be quite nasty. Don’t worry about the form, I’ll fill in the details.”

This wasn’t the result of a few maverick uber-salesmen. It was the bank’s policy to create a culture of sell sell sell with no excuses for failure. They were probably sent on motivational courses, with a team leader explaining: “If a customer is hesitant about whether to sign, give them a nudge, by dragging them into a basement and getting a colleague to make a film as you stand by him with a sword, preaching there’s no place on Earth for those who don’t believe in the almighty Lloyds Bonus 5-Year Investment Fiscal Funtime Account. That should close the deal.”

One policy they were offering was a “critical illness” insurance, one of these schemes they sell by looking earnest and saying: “We all hope it doesn’t happen, but if, God forbid, you DO get pecked to death by a pterodactyl, normal policies won’t cover you and then your loved ones will face a life of destitution and heroin abuse, so it’s worth it for peace of mind and it works out at only £8 a minute’.

Once you’ve accepted the rules of this game – that all that matters is selling another policy – there are no moral barriers. If you got up at a team talk and announced you’d sold a policy to someone with Alzheimer’s, then went back the next day and sold them another one as they’d forgotten they’d bought one already, there’d be high fives and your name would be written on a “dude of the day” board. But a Lloyds spokesman said: “The group recognises its oversights during the period in question and apologises.” Oversight? How could mis-selling billions of pounds worth of twaddle be an oversight?

Does it need to be on a “to-do” list, that goes: “Clear boot of car – water plant – don’t bark at thousands of staff that they’re pathetic maggots if they don’t sell lorry loads of scuzzy investment plans – buy Sugar Puffs”.

Those train robbers must wish they’d thought of that. “Your honour, we recognise that taking up our positions by the railway line, assaulting the crew, running off with sacks of cash and planning to spend it on a life of debauchery was an oversight. Only we’ve been very busy lately, so it slipped our mind, but we do apologise.”

Where you have to give the banks credit, is this took place after the crash, after they’d been told they really should try harder next time to not bring down the world economy. It was after the £80bn bailout, after the world gasped: “How did we let it happen”, and they’ve carried on exactly the same.

But who can blame them? Unlike the crash in the 1930s, no new regulations followed to stop them behaving like this. The banks could be caught squirting uranium into the eyes of kittens, it could turn out that the deaf signer on the podium in Soweto is a chief executive of Royal Bank of Scotland who’s been awarded a bonus of £40m, and that the England cricket team was injected with ketamine by the board of Northern Rock. And they’d apologise for the oversight and the Government would announce an enquiry to report in the year 5000.

And this is the business method we’re informed is essential to make anything work properly. So now it must apply to everything else as well. The Royal Mail, for example, was too sluggish without private investment and initiative, so hopefully that will now be free to go the same way. You’ll pop into the Post Office for a stamp and be told: “You know it really would be sensible to post a parcel as well. I’d suggest you should send one to Brazil, and to be really secure, fill it up with rubble first. There we are, that will be £700.”

Because they only need three like that a day to win a weekend break in Dorset.

For more information, or to join the Socialist Party, visit: www.socialistparty.o
rg.uk
The easiest way to get rich quick is to work for the banks and badger the vulnerable to buy insurance Once you’ve accepted the rules – all that matters is selling a policy – there are no moral barriers Who’d have guessed this? Lloyds has been fined £28m, for encouraging staff to sell policies to people who neither needed nor wanted them. Those who sold the most won cases of champagne, and those that didn’t could have their salary halved. This proves that the banks take regulations seriously, as they’re adamant that members of staff who don’t break the regulations will be dealt with severely, and only those who break them all day long will be given any rewards. This illustrates one of the many changes in the 50 years since the Great Train Robbery, as now Ronnie Biggs would make more money and satisfy his urge to rob much more, if he got a job WITH the bank. One member of Lloyds staff was so terrified at not reaching his quota, that he sold a policy to his own wife. It’s just as well they’ve been caught or he’d start on his kids next, saying: “You don’t want an ice cream like your stupid friends. Instead I’ve sold you a Lloyds Super Value Triple Interest Bonanza scheme. You might cry now, but you’ll thank me for it in 10 years when it’s worth sod all.” They must have been desperate to sell these packages, pleading with the elderly that: “You’ve got to put your savings into a Lloyds Advanced Finance Protection Account dear, otherwise with interest rates the way they are, you’ll have to sell your grandchildren to an Albanian child trafficking gang and that could be quite nasty. Don’t worry about the form, I’ll fill in the details.” This wasn’t the result of a few maverick uber-salesmen. It was the bank’s policy to create a culture of sell sell sell with no excuses for failure. They were probably sent on motivational courses, with a team leader explaining: “If a customer is hesitant about whether to sign, give them a nudge, by dragging them into a basement and getting a colleague to make a film as you stand by him with a sword, preaching there’s no place on Earth for those who don’t believe in the almighty Lloyds Bonus 5-Year Investment Fiscal Funtime Account. That should close the deal.” One policy they were offering was a “critical illness” insurance, one of these schemes they sell by looking earnest and saying: “We all hope it doesn’t happen, but if, God forbid, you DO get pecked to death by a pterodactyl, normal policies won’t cover you and then your loved ones will face a life of destitution and heroin abuse, so it’s worth it for peace of mind and it works out at only £8 a minute’. Once you’ve accepted the rules of this game – that all that matters is selling another policy – there are no moral barriers. If you got up at a team talk and announced you’d sold a policy to someone with Alzheimer’s, then went back the next day and sold them another one as they’d forgotten they’d bought one already, there’d be high fives and your name would be written on a “dude of the day” board. But a Lloyds spokesman said: “The group recognises its oversights during the period in question and apologises.” Oversight? How could mis-selling billions of pounds worth of twaddle be an oversight? Does it need to be on a “to-do” list, that goes: “Clear boot of car – water plant – don’t bark at thousands of staff that they’re pathetic maggots if they don’t sell lorry loads of scuzzy investment plans – buy Sugar Puffs”. Those train robbers must wish they’d thought of that. “Your honour, we recognise that taking up our positions by the railway line, assaulting the crew, running off with sacks of cash and planning to spend it on a life of debauchery was an oversight. Only we’ve been very busy lately, so it slipped our mind, but we do apologise.” Where you have to give the banks credit, is this took place after the crash, after they’d been told they really should try harder next time to not bring down the world economy. It was after the £80bn bailout, after the world gasped: “How did we let it happen”, and they’ve carried on exactly the same. But who can blame them? Unlike the crash in the 1930s, no new regulations followed to stop them behaving like this. The banks could be caught squirting uranium into the eyes of kittens, it could turn out that the deaf signer on the podium in Soweto is a chief executive of Royal Bank of Scotland who’s been awarded a bonus of £40m, and that the England cricket team was injected with ketamine by the board of Northern Rock. And they’d apologise for the oversight and the Government would announce an enquiry to report in the year 5000. And this is the business method we’re informed is essential to make anything work properly. So now it must apply to everything else as well. The Royal Mail, for example, was too sluggish without private investment and initiative, so hopefully that will now be free to go the same way. You’ll pop into the Post Office for a stamp and be told: “You know it really would be sensible to post a parcel as well. I’d suggest you should send one to Brazil, and to be really secure, fill it up with rubble first. There we are, that will be £700.” Because they only need three like that a day to win a weekend break in Dorset. For more information, or to join the Socialist Party, visit: www.socialistparty.o rg.uk Somerset.SocialistParty

1:42pm Sat 28 Dec 13

Somerset.SocialistParty says...

Stunning election victory in Seattle!

90,000 votes for socialist change: From 20th November 2013

Four and a half thousand miles away, in Seattle USA, the possibility of building a mass electoral voice for working class people has been glimpsed. This is in the most powerful capitalist country in the world, with much less of a history of a strong socialist movement than in Britain. Yet Kshama Sawant has been elected as a council member for Seattle on behalf of Socialist Alternative (co-thinkers of the Socialist Party). At the time of writing Kshama has won over 90,000 votes for socialism.

In her interview in this week's Socialist she declares: "I've seen a lot of comments saying that there's something unique about Seattle. Of course there are always things that are different from one situation to another but... given the crisis of capitalism... there is absolutely no question that there are opportunities. And if it can happen in the belly of the beast there is no reason why it can't be done elsewhere. But it's not automatic which is why we need to consciously build our forces."

Here in Britain, at election time, four in ten people say they choose 'none of the above'. This is a record level of disillusionment with the major capitalist parties. No surprise. Cameron has proudly declared that the Tories plan permanent austerity. They intend that all the misery of the last two and a half years - pay cuts, decimation of public services, the bedroom tax, queues outside food banks, choosing between heating and eating - will continue forever.

Nor is Labour fundamentally different. While many workers will vote Labour at a general election in order to try and get rid of the Con-Dems, it is not in the hope of getting a government that will stand up for the 99%. On the contrary, Labour leaders Miliband and Balls have made it clear that 'the next Labour government will make cuts too'.

Labour local authorities across the country are implementing the Con-Dem cuts. Individual Labour councillors who vote against cuts face suspension or expulsion from the party for their 'crime'. Rachel Reeves, the shadow welfare minister, has declared that Labour will be tougher on welfare than the current government!

The need for a mass party that stands for the majority - the working class - has never been so urgent. In the local elections on 22 May 2014 the Socialist Party in England and Wales will be taking part in a major electoral challenge to austerity as part of the Trade Unionist and Socialist Coalition (TUSC). Join us to campaign, vote and think about being a candidate, for TUSC.

But it's not just about elections. Kshama was successful because she stood in solidarity with campaigns for decent wages and conditions for workers in Seattle. She constantly made clear that she is a socialist who fights for a fundamentally different type of society.

Capitalism is a system that works for the super-rich 1%, based on the exploitation and misery of millions of working people. The victory in Seattle reflects the fact that ordinary people, in the US and beyond, have had enough. We need to fight for a socialist alternative to capitalism, based on democratic planning to meet the needs and desires of the majority of the population and of the planet.

See more about the Trade Unionist and Socialist Coalition and how you can get involved at tusc.org.uk
Stunning election victory in Seattle! 90,000 votes for socialist change: From 20th November 2013 Four and a half thousand miles away, in Seattle USA, the possibility of building a mass electoral voice for working class people has been glimpsed. This is in the most powerful capitalist country in the world, with much less of a history of a strong socialist movement than in Britain. Yet Kshama Sawant has been elected as a council member for Seattle on behalf of Socialist Alternative (co-thinkers of the Socialist Party). At the time of writing Kshama has won over 90,000 votes for socialism. In her interview in this week's Socialist she declares: "I've seen a lot of comments saying that there's something unique about Seattle. Of course there are always things that are different from one situation to another but... given the crisis of capitalism... there is absolutely no question that there are opportunities. And if it can happen in the belly of the beast there is no reason why it can't be done elsewhere. But it's not automatic which is why we need to consciously build our forces." Here in Britain, at election time, four in ten people say they choose 'none of the above'. This is a record level of disillusionment with the major capitalist parties. No surprise. Cameron has proudly declared that the Tories plan permanent austerity. They intend that all the misery of the last two and a half years - pay cuts, decimation of public services, the bedroom tax, queues outside food banks, choosing between heating and eating - will continue forever. Nor is Labour fundamentally different. While many workers will vote Labour at a general election in order to try and get rid of the Con-Dems, it is not in the hope of getting a government that will stand up for the 99%. On the contrary, Labour leaders Miliband and Balls have made it clear that 'the next Labour government will make cuts too'. Labour local authorities across the country are implementing the Con-Dem cuts. Individual Labour councillors who vote against cuts face suspension or expulsion from the party for their 'crime'. Rachel Reeves, the shadow welfare minister, has declared that Labour will be tougher on welfare than the current government! The need for a mass party that stands for the majority - the working class - has never been so urgent. In the local elections on 22 May 2014 the Socialist Party in England and Wales will be taking part in a major electoral challenge to austerity as part of the Trade Unionist and Socialist Coalition (TUSC). Join us to campaign, vote and think about being a candidate, for TUSC. But it's not just about elections. Kshama was successful because she stood in solidarity with campaigns for decent wages and conditions for workers in Seattle. She constantly made clear that she is a socialist who fights for a fundamentally different type of society. Capitalism is a system that works for the super-rich 1%, based on the exploitation and misery of millions of working people. The victory in Seattle reflects the fact that ordinary people, in the US and beyond, have had enough. We need to fight for a socialist alternative to capitalism, based on democratic planning to meet the needs and desires of the majority of the population and of the planet. See more about the Trade Unionist and Socialist Coalition and how you can get involved at tusc.org.uk Somerset.SocialistParty

9:11pm Sat 28 Dec 13

FreeSpeech? says...

Can't be that many socialist loonies in Taunton to give you that many positive votes so that leaves one conclusion, you've been voting for yourself again PLEB.
Can't be that many socialist loonies in Taunton to give you that many positive votes so that leaves one conclusion, you've been voting for yourself again PLEB. FreeSpeech?

Comments are closed on this article.

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