PoliticsUK banksuk newsLiberal Democrat Conference 2013

Clegg Says The Banks Are In Order: Here Are 7 Reasons Why They're Not

Seven Reasons The Banks Are Not 'In Order'
Asa Bennett
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LibDem leader Nick Clegg said the banks were 'in order'
Getty

Nick Clegg had many messages to hammer home at the Liberal Democrat's Conference in Glasgow about what his party had achieved in coalition with the Tories.

The LibDem leader reeled off a list of achievements including free school meals for infant schoolchildren and stopping ID cards.

"Not to mention getting the banks in order!" he added, perhaps rather optimistically.

The Huffington Post UK presents seven issues Clegg is overlooking when he declares the banks are "in order".

Reasons Why The Banks Aren't Yet In Order
Barely Anyone Thinks Banks Are Well Run(01 of07)
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Just 19% of people think banks are competently managed.
They're Still Not Lending To Businesses (02 of07)
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The big banks have been battling to get money out of the door to help British SMEs but are still struggling as business lending has fallen in most parts of Britain. An investigation by Lawrence Tomlinson, the business department's entrepreneurial adviser, found that government-owned banks were "crucifying" firms in the way they managed their financial support.
PPI Mis-selling Drags On(03 of07)
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Banks are still paying out millions for mis-sold payment protection insurance.This has led to a peak in complaints too.
Credit Card Theft Insurance Mis-selling Surfaces(04 of07)
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Over a dozen high street banks and credit card firms have agreed on a compensation fund of more than £1 billion for potentially for seven million people who had been mis-sold credit card and identity theft protection.It all stems from card insurance policies supplied by York-based CPP Group.
Was There Gilt-Rigging?(05 of07)
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Did the Bank of England miss an attempt by traders to rig the gilt market too? Tory MP Andrea Leadsom thinks so.Financial regulators are investigating. Meanwhile one of the Bank officials said such an attempt at a dodgy trade would be "reprehensible" if proven.
Bank Bonuses Are On The Up (06 of07)
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Banker bonuses effectively increased by 4% over last year to £38.6 billion, after banks deferred bonuses to take advantage of George Osborne's 50p income tax rate coming in.Osborne's introduction of the lower 45p income tax band, announced in his Budget last year means that the taxpayer lost out on an estimated £85 million as banks deferred £700 million of bonuses to April this year.Also, we have three times more millionaire bankers than the rest of the EU combined.
Oh Yes, And The Libor Rigging (07 of07)
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Regulators are still looking into the Libor interbank fixing scandal, bringing charges against traders they have managed to single out.
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