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Banks blamed for financial crisis

Banks blamed for financial crisis

Category: Loans

Updated: 31/10/2008
First Published: 23/10/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers are blaming banks for the current financial crisis, a survey has found.

Research by Which? has shown that two-thirds of people believe fault lies with financial institutions, while 73 per cent said they had been exposed to some form of irresponsible lending.

In response, the campaign group has written to the chancellor, Alistair Darling, calling for a review of the industry.

And it states that the government should ensure banks pass on the benefit of the financial assistance they have received to consumers.

"The banks have had their bail out - now it's time for them to deal sympathetically and fairly with the plight of ordinary consumers," said Which? chief executive Peter Vicary-Smith, explaining that many are struggling to keep up with payments for secured loans.

Last week Moneyfacts.co.uk revealed that a number of lenders had offset the Bank of England's base rate cut by increasing their tracker mortgage rates.

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