Banks putting profits before consumer welfare

The experienced informer claims that “consumers should be very, very wary of their banks” as they work towards goals for take up of banking products, whether or not the consumer can afford them.

“Every branch of any bank, and every individual who works in a bank, has very ambitious sales targets to sell you more products – effectively to make you borrow money and to get you further into debt,” the whistleblower told BBC One’s Britain’s Streets of Debt.

Due to the clamour to achieve targets, she said that banks “are putting profits before human life, almost”, citing the case of the man who committed suicide over £120,000 of debt to the Royal Bank of Scotland.

His story was like that of many others, where he was leant the sum despite only earning £26,000 per year, while one woman was given £4,500 credit when her annual salary was only £5,500.

With warnings that banks find that their most profitable customers “are perhaps the most vulnerable”, the insider warned people against taking on debt they cannot afford, despite what their bank may tell them.