Bill Oddie takes on HSBC – and we like it
Sat 18th May 2013, 2:48pm
Bill Oddie's Bankwatch:
An observational naturalist documentary deep in the ‘territory’ of those
‘creatures closely related to man, yet subtly and very meaningfully different’.
With its wonderfully gratuitous toilet humour, Bollinger clichés and direct measurement of a frontal lobe unable to comprehend ‘consequences’, this is a truly unparalleled character assassination of the HSBC banker.
It’s fair to say that Bill is really going for it. And that’s quite refreshing.
Often in campaigning we’re just a bit too nice (‘Bankers are people too, you know…’, etc.) We hold our tongues, we try and be reasonable, we don’t want to be accused of unfair stereotyping and ‘banker bashing’.
It's therefore quite enjoyable to see that Bill Oddie and supporting campaign group Global Witness haven’t gone in for any of this hand-wringing or angst-ing over the most PC way to expose the freshest scandal at the dark heart of our banking system. They’ve decided that the Malaysian rainforest is more important, and that HSBC deserve full derision for making money out of its destruction, in direct disregard of their own policies, and buried behind a dung heap of sinister ‘pro-green’ messaging. Good on 'em!
In the week our carbon emissions hit the 400 parts per million mark – a significant and alarming marker on our train ride (express, please) to climate disaster – this is all the more important.
If you want to take action, the first thing you can do is to sign the petition on the 38 Degrees site calling for change.
And of course, if you really want to have an impact, especially if you are an HSBC customer, you can move your money somewhere better.
This is by no means the first significant scandal HSBC has been involved in: only last summer they were caught laundering money to terrorists and drug cartels, and there are more nasty facts about them here.
If bank customers decide that this is the final straw, and vote with their feet by leaving HSBC once and for all and joining better banks, then not only will we strengthen the call for change, but we will have the opportunity to be part of building a better banking system – one that supports the economy, the environment… and that understands abstract concepts like ‘consequences’!
If your money is sitting in HSBC, it may well be fuelling irreversible environmental destruction.
Think about that for a second. And then do something about it. For Bill.
With its wonderfully gratuitous toilet humour, Bollinger clichés and direct measurement of a frontal lobe unable to comprehend ‘consequences’, this is a truly unparalleled character assassination of the HSBC banker.
It’s fair to say that Bill is really going for it. And that’s quite refreshing.
Often in campaigning we’re just a bit too nice (‘Bankers are people too, you know…’, etc.) We hold our tongues, we try and be reasonable, we don’t want to be accused of unfair stereotyping and ‘banker bashing’.
It's therefore quite enjoyable to see that Bill Oddie and supporting campaign group Global Witness haven’t gone in for any of this hand-wringing or angst-ing over the most PC way to expose the freshest scandal at the dark heart of our banking system. They’ve decided that the Malaysian rainforest is more important, and that HSBC deserve full derision for making money out of its destruction, in direct disregard of their own policies, and buried behind a dung heap of sinister ‘pro-green’ messaging. Good on 'em!
In the week our carbon emissions hit the 400 parts per million mark – a significant and alarming marker on our train ride (express, please) to climate disaster – this is all the more important.
If you want to take action, the first thing you can do is to sign the petition on the 38 Degrees site calling for change.
And of course, if you really want to have an impact, especially if you are an HSBC customer, you can move your money somewhere better.
This is by no means the first significant scandal HSBC has been involved in: only last summer they were caught laundering money to terrorists and drug cartels, and there are more nasty facts about them here.
If bank customers decide that this is the final straw, and vote with their feet by leaving HSBC once and for all and joining better banks, then not only will we strengthen the call for change, but we will have the opportunity to be part of building a better banking system – one that supports the economy, the environment… and that understands abstract concepts like ‘consequences’!
If your money is sitting in HSBC, it may well be fuelling irreversible environmental destruction.
Think about that for a second. And then do something about it. For Bill.
The Co-operative Bank – what’s the situation?
Wed 15th May 2013, 11:18am
The Co-operative Bank’s repeated presence in recent
headlines has provided some cause for concern. First the bank’s credit rating
was downgraded by
ratings agency Moody’s; then its chief executive, Barry Tootell, stepped
down; and then it emerged that the bank may have a capital
shortfall of between £800m and £1.8bn, which it intends to make up by
selling off other parts of the Co-operative Group’s business. This shortfall is
largely due to loans acquired during the bank’s acquisition of Britannia
Building Society in 2009 which subsequently went bad.
This latter piece of news is certainly disappointing, especially as the UK government is looking to promote challenger banks to the Big Five. The Co-operative clearly took a risk in taking over Britannia at the height of the financial crisis – much as RBS did with their acquisition of ABN Amro – and the key decision-makers should have been much more circumspect and examined the books more closely. Questions should also be asked of JP Morgan and Citi Group, who advised the Co-op on the deal.
Of course, there is no need for members of the Co-operative Bank to worry about losing their money, as deposits up to a value of £85,000 are guaranteed by the government. (This article answers other questions that customers might have.)
Moreover, none of these events change the core reasons for which Move Your Money have always included the Co-op in our list of recommended banks: its mutual status; its lack of involvement with the financial crash or the Libor scandal; and its ethical investment screening policy, which we believe remains an important example for other banks to follow.
What all of this does highlight, however, is that bigger is not always better, and is often not safer. We know this from the many problems that are associated with being ‘too big to fail’ (or, indeed, too big to manage), and now we are reminded of the dangers of banks seeking to grow by acquisition instead of pursuing sustainable growth. Britain’s banks would do well to take a ‘back to basics’ approach, focusing on delivering a reliable and consistent service to individual savers and businesses and avoiding risky tactics. This is something that building societies and credit unions, in particular, are already doing well, and have been for many years. We strongly encourage customers to support these smaller institutions wherever possible. For more information on all of the alternatives available, see our Where Can I Move page.
It would be bitterly disappointing if the Co-operative bank were to abandon its prominent position as an alternative to the Big Five banks. Instead, the Co-op should recognise the strong demand for ethical finance and reward the loyalty of its growing customer base, by returning to a prudent and sustainable model of organic growth.
This latter piece of news is certainly disappointing, especially as the UK government is looking to promote challenger banks to the Big Five. The Co-operative clearly took a risk in taking over Britannia at the height of the financial crisis – much as RBS did with their acquisition of ABN Amro – and the key decision-makers should have been much more circumspect and examined the books more closely. Questions should also be asked of JP Morgan and Citi Group, who advised the Co-op on the deal.
Of course, there is no need for members of the Co-operative Bank to worry about losing their money, as deposits up to a value of £85,000 are guaranteed by the government. (This article answers other questions that customers might have.)
Moreover, none of these events change the core reasons for which Move Your Money have always included the Co-op in our list of recommended banks: its mutual status; its lack of involvement with the financial crash or the Libor scandal; and its ethical investment screening policy, which we believe remains an important example for other banks to follow.
What all of this does highlight, however, is that bigger is not always better, and is often not safer. We know this from the many problems that are associated with being ‘too big to fail’ (or, indeed, too big to manage), and now we are reminded of the dangers of banks seeking to grow by acquisition instead of pursuing sustainable growth. Britain’s banks would do well to take a ‘back to basics’ approach, focusing on delivering a reliable and consistent service to individual savers and businesses and avoiding risky tactics. This is something that building societies and credit unions, in particular, are already doing well, and have been for many years. We strongly encourage customers to support these smaller institutions wherever possible. For more information on all of the alternatives available, see our Where Can I Move page.
It would be bitterly disappointing if the Co-operative bank were to abandon its prominent position as an alternative to the Big Five banks. Instead, the Co-op should recognise the strong demand for ethical finance and reward the loyalty of its growing customer base, by returning to a prudent and sustainable model of organic growth.
Co-op pulls out of buying Lloyds branches
Wed 24th Apr 2013, 11:00am
Today the Co-operative bank announced today that it has pulled out of a proposed deal to buy 631 branches off Lloyds Banking Group.
The so-called "Verde Transaction" would have increased the Co-operative bank's share of the current account market to 7%, creating a significant challenger bank presence on the high street.
Although the news is a blow to increasing banking competition on the high street, it had originally been feared that the Co-op would be leaving the banking sector altogether. These rumours turned out to be ungrounded, and have since been strongly denied by the Co-operative Group.
Instead of large-scale leveraged acquisitions, the bank will continue to pursue organic growth by convincing customers to switch their accounts over to the Co-op. Last year this approach saw the amount of people switching to the Co-op Bank grow by 8%.
But the key point of this development is the implications it has on banking competition, and the impact it will have on the ethical finance sector. Increased competition isn't just about having more banks, it's about having different types of banks as well.
The financial crisis was due to banks like HBOS becoming too big to fail without knowing the risks of the businesses they were buying. The Co-op Bank should be applauded for refusing to do the same thing, and will emerge stronger in the long run as a result.
We've seen huge demand and strong growth in the ethical finance sector over the last twelve months, and this will only increase when switching is made easier in September. Some research is suggesting that up to 14 million people may switch after the rules change. With more people switching than ever, this year could still be one of fantastic growth for ethical finance, despite today's announcement from the Co-op.
Instead of conglomerated behemoths, Britain needs more local, mutual and ethical financial institutions. By avoiding HBOS-style acquisitions Co-op is staying true to its ethics, whilst also pursuing growth in a prudent and sensible way.
But if the government is serious about increasing competition it should take the bull by the horns and support local, ethical and mutual financial institutions. It's essential that these branches now go to organisations that will put customers first and lend to the real economy, rather than being hoovered up by Britain's broken big 5 banks like they were before.
The so-called "Verde Transaction" would have increased the Co-operative bank's share of the current account market to 7%, creating a significant challenger bank presence on the high street.
Although the news is a blow to increasing banking competition on the high street, it had originally been feared that the Co-op would be leaving the banking sector altogether. These rumours turned out to be ungrounded, and have since been strongly denied by the Co-operative Group.
Instead of large-scale leveraged acquisitions, the bank will continue to pursue organic growth by convincing customers to switch their accounts over to the Co-op. Last year this approach saw the amount of people switching to the Co-op Bank grow by 8%.
But the key point of this development is the implications it has on banking competition, and the impact it will have on the ethical finance sector. Increased competition isn't just about having more banks, it's about having different types of banks as well.
The financial crisis was due to banks like HBOS becoming too big to fail without knowing the risks of the businesses they were buying. The Co-op Bank should be applauded for refusing to do the same thing, and will emerge stronger in the long run as a result.
We've seen huge demand and strong growth in the ethical finance sector over the last twelve months, and this will only increase when switching is made easier in September. Some research is suggesting that up to 14 million people may switch after the rules change. With more people switching than ever, this year could still be one of fantastic growth for ethical finance, despite today's announcement from the Co-op.
Instead of conglomerated behemoths, Britain needs more local, mutual and ethical financial institutions. By avoiding HBOS-style acquisitions Co-op is staying true to its ethics, whilst also pursuing growth in a prudent and sensible way.
But if the government is serious about increasing competition it should take the bull by the horns and support local, ethical and mutual financial institutions. It's essential that these branches now go to organisations that will put customers first and lend to the real economy, rather than being hoovered up by Britain's broken big 5 banks like they were before.
Council petitions in Haringey, Wakefield, Bristol and Lambeth
Fri 19th Apr 2013, 8:03am
This month, Barclays launched an
aggressive campaign by Barclays bank to snatch lucrative local government
banking contracts. Where your council keeps its money matters – after all, your
local authority will be banking millions in your tax money.
Petitions have been launched by Move Your Money supporters in Haringey, Wakefield, Bristol and Lambeth – if you live in one of these boroughs, get signing. If you’d like to start a campaign in your borough, get in touch.
When Haringey decided to move its £330k contract to Barclays, local resident Harriet Bird was not impressed: "This is a really short-sighted move by the Council. Barclays are actively pursuing council cash as they know this where easy money can be made. Yet they are one of the banks that have mis-sold financial products to residents and local businesses (PPI and Interest-Rate swaps), hidden money in tax-havens so people can avoid tax and have been fined for manipulating interest rates in the UK through Libor."
The move is based on price and not service, and no consultation with residents was undertaken. Barclays did not score in the top two highest bidders for quality of service.
Jody Gabriel began a petition to Wakefield Council when it emerged the Council were considering moving from the Cooperative Bank to Barclays – in a move confirming Barclays aggressive local authority banking power-play. Jody said: “Wakefield Council are showing complete disregard for the weight of public outrage following the recent libor scandal, PPI mis-selling, and the ongoing excessive bonus culture at Barclays - giving huge rewards for public failure at the bank.”
The council petitions run for 12 months, and Move Your Money intend to meet with the Councils asap to discuss the move, and clearly communicate why supporting Barclays with Government contracts is such a disaster for tax payers.
Move Your Money will be launching a national campaign to promote local authority ethical banking in July – watch this space.
Petitions have been launched by Move Your Money supporters in Haringey, Wakefield, Bristol and Lambeth – if you live in one of these boroughs, get signing. If you’d like to start a campaign in your borough, get in touch.
When Haringey decided to move its £330k contract to Barclays, local resident Harriet Bird was not impressed: "This is a really short-sighted move by the Council. Barclays are actively pursuing council cash as they know this where easy money can be made. Yet they are one of the banks that have mis-sold financial products to residents and local businesses (PPI and Interest-Rate swaps), hidden money in tax-havens so people can avoid tax and have been fined for manipulating interest rates in the UK through Libor."
The move is based on price and not service, and no consultation with residents was undertaken. Barclays did not score in the top two highest bidders for quality of service.
Jody Gabriel began a petition to Wakefield Council when it emerged the Council were considering moving from the Cooperative Bank to Barclays – in a move confirming Barclays aggressive local authority banking power-play. Jody said: “Wakefield Council are showing complete disregard for the weight of public outrage following the recent libor scandal, PPI mis-selling, and the ongoing excessive bonus culture at Barclays - giving huge rewards for public failure at the bank.”
The council petitions run for 12 months, and Move Your Money intend to meet with the Councils asap to discuss the move, and clearly communicate why supporting Barclays with Government contracts is such a disaster for tax payers.
Move Your Money will be launching a national campaign to promote local authority ethical banking in July – watch this space.
New volunteer opportunities at Move Your Money!
Wed 17th Apr 2013, 9:55am
Move Your Money is a new, dynamic and exciting campaign that encourages people to move their money from the big 5 banks. We are the only call to action that aims to build an effective public response to the economic crisis.
We have big plans but a small budget. But we know if we can get the right people around our table we can make great things happen and change Banking in Britain forever. So we are looking for people who are looking for a bit of a risk and like a challenge to help us get what we need done. We need your time to help us deliver a national campaign that packs a punch - we have our eyes on making the most of the changes in bank switching in September.
Have a look at the roles below. Could you help? Your skills not there ... contact us anyway. We can find a role for you and in return we can offer an amazing experience for someone who wants to take a lead in developing the campaign and innovating along the way. We have an office in Soho but you can be based anywhere in the country, even in your own home. We can pay reasonable travel and lunch expenses.
You can apply for all the roles by emailing your CV (or linked in link) and covering email to jobs@moveyourmoney.org.uk. Deadline 7th May 2013. We can't cope with lots of calls but do send any questions to that email address too and we will do our best to get back to you.
Communications Officer
Unpaid - reasonable expenses
We are looking for a dynamic and creative volunteer on a 3-month placement who is proactive and not afraid to hit the phones to get Move your Money a good story. The volunteer will gain experience of working on high-profile news stories, planning the communications aspects of campaigns and working with an experienced media professional.
Full Time - 3-Month Placement
Job Description:
- day-to-day social media management and development
- overseeing the development of the new website and content management
- designing and implementing a supporter communications plan
- pro-active and re-active media activity, including managing the communications grid, drafting press releases and liaising with the media
- writing and commissioning articles and blog postings
- day-to-day media monitoring
- managing other volunteers working on communications
Website project manager:
Immediate - September
Unpaid - reasonable expenses
2+ days a week increasing closer to launch date in August We are looking for a creative and dynamic project manager to help us with the build of a dynamic new public-facing website that will be the key to a massive MyM campaign later this year. Working with our designers and other team members, you will ensure that our content is commissioned and ready, help us build a platform for an online community and help us monitor and evaluate the success of our site. There will be interesting opportunities to investigate and implement a values-based customer journey for visitors to our site and even look at how we improve our revenue stream through online donations.
Crowdfunding project manager:
Immediate - End of August
Unpaid - Reasonable expenses
1-2 days per week
We will be running a crowdfunding campaign in the summer with an innivotive investment platform. Ever wondered what makes a good campaign? Then learn on the job. We need you to help maximise the impact of the campaign and ensure we raise as much as possible. You won't be stuck in the office, you will liaise with the crowdfunding provider, work with the media and communications team and talk to our partners.
Blog Manager
1/2 a day a week
Unpaid - reasonable expenses
We are looking for someone keen to help us develop our comment and analysis through the blog on our website. Through commissioning articles from MyM supporters as well as external partners we want to create a dynamic blog space that adds to the debate about the future of banking. You will be interested in the current debate and help seek out knowledgeable, credible and interesting bloggers to help us develop the campaign message.
If you're interested in any of the roles above, have any questions, or want to find out, email us at jobs@moveyourmoney.org.uk
We have big plans but a small budget. But we know if we can get the right people around our table we can make great things happen and change Banking in Britain forever. So we are looking for people who are looking for a bit of a risk and like a challenge to help us get what we need done. We need your time to help us deliver a national campaign that packs a punch - we have our eyes on making the most of the changes in bank switching in September.
Have a look at the roles below. Could you help? Your skills not there ... contact us anyway. We can find a role for you and in return we can offer an amazing experience for someone who wants to take a lead in developing the campaign and innovating along the way. We have an office in Soho but you can be based anywhere in the country, even in your own home. We can pay reasonable travel and lunch expenses.
You can apply for all the roles by emailing your CV (or linked in link) and covering email to jobs@moveyourmoney.org.uk. Deadline 7th May 2013. We can't cope with lots of calls but do send any questions to that email address too and we will do our best to get back to you.
Communications Officer
Unpaid - reasonable expenses
We are looking for a dynamic and creative volunteer on a 3-month placement who is proactive and not afraid to hit the phones to get Move your Money a good story. The volunteer will gain experience of working on high-profile news stories, planning the communications aspects of campaigns and working with an experienced media professional.
Full Time - 3-Month Placement
Job Description:
- day-to-day social media management and development
- overseeing the development of the new website and content management
- designing and implementing a supporter communications plan
- pro-active and re-active media activity, including managing the communications grid, drafting press releases and liaising with the media
- writing and commissioning articles and blog postings
- day-to-day media monitoring
- managing other volunteers working on communications
Website project manager:
Immediate - September
Unpaid - reasonable expenses
2+ days a week increasing closer to launch date in August We are looking for a creative and dynamic project manager to help us with the build of a dynamic new public-facing website that will be the key to a massive MyM campaign later this year. Working with our designers and other team members, you will ensure that our content is commissioned and ready, help us build a platform for an online community and help us monitor and evaluate the success of our site. There will be interesting opportunities to investigate and implement a values-based customer journey for visitors to our site and even look at how we improve our revenue stream through online donations.
Crowdfunding project manager:
Immediate - End of August
Unpaid - Reasonable expenses
1-2 days per week
We will be running a crowdfunding campaign in the summer with an innivotive investment platform. Ever wondered what makes a good campaign? Then learn on the job. We need you to help maximise the impact of the campaign and ensure we raise as much as possible. You won't be stuck in the office, you will liaise with the crowdfunding provider, work with the media and communications team and talk to our partners.
Blog Manager
1/2 a day a week
Unpaid - reasonable expenses
We are looking for someone keen to help us develop our comment and analysis through the blog on our website. Through commissioning articles from MyM supporters as well as external partners we want to create a dynamic blog space that adds to the debate about the future of banking. You will be interested in the current debate and help seek out knowledgeable, credible and interesting bloggers to help us develop the campaign message.
If you're interested in any of the roles above, have any questions, or want to find out, email us at jobs@moveyourmoney.org.uk
Latest blog posts
-
Bill Oddie takes on HSBC – and we like it
Sat 18th May 2013, 2:48pm
-
The Co-operative Bank – what’s the situation?
Wed 15th May 2013, 11:18am
-
Co-op pulls out of buying Lloyds branches
Wed 24th Apr 2013, 11:00am
-
Council petitions in Haringey, Wakefield, Bristol and Lambeth
Fri 19th Apr 2013, 8:03am
-
New volunteer opportunities at Move Your Money!
Wed 17th Apr 2013, 9:55am