HSBC’s Overseas Scandal Further Brings Down Consumer Confidence in The Wake of PPI Crisis

February 15, 2015
by admin in PPI News

Consumer confidence is again at an all-time low after HSBC’s collaboration with gigantic tax evaders worldwide had spread through the news. According to PRWeek.com, it is the biggest banking scandal highlighting one of the worst excesses in banking since the 2008 financial crisis.

After the PPI crisis from 2009 had pushed onward to 2015 with over £26 billion in bank recompense for consumers, the Libor and Forex rigging scandals had plenty of people shaking their heads in disappointment. According to analysts, it may very well cement public sentiments that banks are out to only make profit in all ways they possibly could.

Around 100,000 HSBC clients of its private Swiss bank had been well known tax evaders. The French government currently keeps the records handed over by one of HSBC’s systems engineers. The French government had held the list in hand since 2009, during the first pangs of the financial crisis.

The list showed evidence of wealthy elites hiding their money from the government when austerity measures have cut the social securities and benefits of many taxpayers. The HSBC, who aided these individuals had made themselves the villains and cheaters of the situation.

PR Professionals from Berkeley PR, such as Pat Southwell said that banks’ reputations are now in shatters.

“Bankers are widely disliked and distrusted. Rightly or wrongly, they represent an ethically  dubious elite who are seen to act above the law at worst, or can negotiate the law at best.”

Democracy parties, groups and websites have called for mass demonstrations and signature campaigns against banks who had aided the world’s elite and bring them to justice.