Banks deserve criticism for bad service – but not for refusing to lend

Britain's banks get a lot of deserved criticism for bad customer service and excessive charges. But the one thing we can't compain about right now is their reluctance to lend money.

I was interviewed by the BBC a few weeks ago about the way in which the UK's retail banks regularly rip off their customers. It wasn't exactly a tough interview to do (you can watch it on Panorama tonight).

There are hundreds of things to point to if you want to make a case for retail finance being a deeply unpleasant industry. In last week's magazine I pointed to Lloyds' treatment of my over-trusting mother they've helped themselves to thousands of pounds of her money via both incompetence and unfair policies, and quite clearly have no intention of compensating her for doing so. Ruth Jackson also had a go, noting that she too has a hundred horrible stories to tell, and pointing to the ludicrous overdraft and other charges we all constantly get hit with.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Explore More
Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.