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Too many people have been successfully gaining compensation from financial services institutions that have made errors in one way or another with clients' money.
So what does Rachel Reeves do?
Might she conclude there needs to be some reform to how financial institutions conduct themselves & regulation could aid a culture change?
But no; she going to make getting compensation for client mistreatment harder & more expensive
Not too difficult to see whose side Reeves is on!
@ChrisMayLA6 What did you expect? The only lesson learned from the banking crisis & the tax payer funded bailouts is they can gamble with our money with impunity yet we pay the price with years of austerity.
Yes, sadly you're right.... but just occasionally I get an optimistic moment & hope that our (economic) relations with financial services weren't so abusive
@ChrisMayLA6 I did contemplate if choosing questionable investments would work as an investment strategy for getting compensation in the future. Although I doubt anyone in their right mind would do that.
ah yes, moral hazard.... taking risks knowing your arse is covered.... hold on, wait a minute; the financial services sector already plays that game.... (for themselves, that is)
@ChrisMayLA6 Highlighting the importance of #positionality is one of the great contributions of #feminist research. What is #Reeves ' background? - and what are the rules for punctuating hashtags?
Ha ha, yes when (before the election) I raised this point, I got a certain amount of pushback on essentialism of female positionality & had to spend a few posts setting out feminist standpoint approaches to show I wasn't just being a sexist dinosaur....
But in the end the thread concluded that her financial services & treasury background were more foreign of her mind set than her gender....
@ChrisMayLA6 I'm beginning to think Rachel Reeves was put together with a self-assembly amateur human being kit, but using the wrong tools.
@ChrisMayLA6 would you mind sourcing this? As someone who works in tech behind the industry that makes it easier for people to claim, I'm interested.
Also: I don't think it should be hard and the industry I am part of should not need to exist.
Its was covered both in the Guardian & the FT quite extensively on Thursday & Friday....
@ChrisMayLA6 @Goldfigure reasonable summary here:
https://www.pressreader.com/uk/inews-weekend/20241116/283583815924020
If you DDG for "Reeves Mass Redress" you'll find plenty of other coverage.
Punative changes for those individuals taking "professional advice" is away of getting at the ambulance chasers, but perhaps what is needed is "class actions" on the US model on behalf of all those affected (with reasonable payment at cost) for those enabling such an action.
Just making it harder for the victims to get redress is the wrong way to go.