I was attending an excellent charity function on behalf of Hertfordshire Action on Disability when a prominent local chartered accountant stated about proposed regulatory financial services changes that not only has the horse already bolted it has probably found new stables. Indeed it has! I met with a Commercial Mortgage firm today who claim that one about to be two High Street Banks are declining loans to their customers and then passing client details on to brokers, the bank will receive commission if the deal gets placed elsewhere.
From the Bank’s point of view this is great business as they still get rewarded for failure , don’t have to do any work, no regulation and best of all no capital adequacy requirements to meet! Theoretically the Data Commissioner should be interested in this but the Bank’s will no doubt claim ( and probably prove) that at some point in the relationship the customer (albeit unknowingly) consented to the information being passed on.
The regulator will definitely view this as just another commercial transaction and not see any consumer abuse in these types of transactions.
Shocking and Sad !!!!!