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acefinance
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acefinance
Understanding third-party contracts is the key to knowing where the tax-payers money is going! Once you understand that these companies put in tenders and get the contract (witness G4s) and others such as “Capita” then they can use their agreed grant in which ever they like! This then allows them to divide up the money, with the great portion given to themselves, and utilising the balance usually 60/40 in favour of themselves, but can be as high as 70/30 in some cases! The benefit to any government as it was to the bankers is that they carry no blame and can pass it on to the third party contractor, as they did with the G4′s debacle on the Olympics. Thus they look squeaky clean and if the third party screws up they can get another to take over the contract, making them look like they care ,when in fact they do not give a dam. Also as contract pricing is done by their departments ,they can save money and hide where they put it!
I have been studying these contracts for many years and this is the latest way governments, companies and countries pass the buck!
The fact that keeping their promises does not come into the agenda, maximising profit as a private company is what this is all about! -
acefinance
Germany’s top economic policymakers have clashed in court, setting out very divergent views on the legality of measures to tackle the eurozone crisis.
At Germany’s Constitutional Court, the Bundesbank’s chief opposed the European Central Bank’s buying of bonds to ease the pressure on eurozone countries.
But Germany’s finance minister and a German ECB board member strongly defended the policy.
Thanks to BBC News at http://www.bbc.co.uk/news/world-europe-22852929#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa -
acefinance
Why America’s “underbanked” are key to the growth of mobile payments
At the height of the first Great Depression, President Roosevelt signed the Banking Act of 1933, which established the Federal Deposit Insurance Corp. This was meant to insure account holders and protect them from losing everything in the event of another crash. While the majority of Americans conformed to the new banking system, a smaller percentage did not and instead rely on a cash-based economy – a group that came to be known in the financial industry as the "underbanked."
This is the same in the United Kingdom with the " Bank Guarantee Scheme" but as incomes have grown so have savings and the fear is that one day, we will not be covered. So do not "put all your eggs in one basket" or maybe suffer the consequences!
acefinance
Local authorities should block access to payday loan websites from council computers in a bid to protect vulnerable residents, according to a Willaston and Rope Ward Councillor. Brian Silvester is calling for access to payday loans. Yesterday, Citizens Advice issued a warning over payday lenders’ after finding three out of four people struggled to repay the loan. It is urging the OFT to immediately ban these lenders, saying they are causing real harm to borrowers. http://www.localgov.co.uk/index.cfm?method=news.detail&id=109944
acefinance
The OFT’s excuse for its ‘ineffective’ crackdown on payday loans companies is pretty feeble. And what’s so alarming, is the speed at which industry grows up around the OFT’s tardiness. http://blogs.channel4.com/siobhan-kennedy/2013/05/31/oft-offers-feeble-excuses-mps-payday-loan-failures/
acefinance
Friday 31 May 2013 UK
Payday loan regulator ‘lacks power’ to tackle predators
The Office of Fair Trading admits it “lacks regulatory powers” as it is slammed by MPs for failing to protect consumers from “predatory” lenders.
OFT hits back at PAC criticism over payday loans (Image: Getty)
A damning report by a powerful committee of MPs said the OFT had been “ineffective and timid in the extreme” in tackling the “shabby end” of the credit market, which is costing borrowers £450m a year.
The public accounts committee (PAC) criticised the OFT for not taking tougher action.
But the OFT hit back, claiming it was taking “strong, targeted action” in the areas of greatest risk to consumers but is held back by law.
An OFT spokesman said: “We are disappointed that the committee has not acknowledged the constraints of the legislation under which the OFT currently operates which… was not designed to provide a supervisory approach to addressing potential consumer harm.
“As the National Audit Office recognised, these constraints include a lack of regulatory powers and the ability to impose fines only in very limited circumstances.”
‘Passive’ regulator
In March the OFT began rolling out regulation requirements to 50 payday lenders, giving them a 12-week deadline to prove their good behaviour or risk losing their licences to trade, which the MPs said was an “encouraging” step. http://www.channel4.com/news/payday-loan-regulator-lacks-power-to-tackle-predators
acefinance
The Office of Fair Trading admits it “lacks regulatory powers” as it is slammed by MPs for failing to protect consumers from “predatory” lenders. http://www.channel4.com/news/payday-loan-regulator-lacks-power-to-tackle-predators
acefinance
Careless Talk Costs Us Our Welfare Budget
Over the past 3 years this government has taken larger and larger slices out of our welfare budget, all in the name of saving money. it has come to be known collectively as “Austerity Measures.” in the beginning we took it as read, that we needed to save money, as our borrowing had spiraled out of control, due to successive governments overspend! The real truth is that we have given this government the right, by our agreement of wanting more police-protection, security for terrorist acts and stop those so-called lazy scroungers, who earn more than me, to apply such costing cutting tactics! Each time we say that we want to stop this type of senseless violence or ban someone from our country, for no more than having an opinion, that differs from our own, we instigate government control of our lives!
The sheer fact that when we do anything wrong, or some member of our family gets killed serving this country, we want someone to blame! This becomes testament to the type of world that this is becoming! We want to put great back into Britain we say, but at what cost to ourselves and our children! I read so often about how it is acceptable to use business to lie cheat and steal, and justify it by saying ” other people like the bankers took more than me” is this the world we teach our children to respect!
So on this day l urge people to think before they speak, as it was said so many years ago ” Careless Talk Costs Lives” and this time it will not just be those that protect our country that will suffer ,but every man woman and child.
Take Care.
acefinance
China Post reports that the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has shut production at 12 risky buildings in and around Dhaka, In its first move to tighten compliance in the apparel sector after the fatal Rana Plaza collapse on April 24.
acefinance
(ChinaPost.com.tw) – U.S. credit card giants Visa and Master-card sued retailers that rejected a multi-billion-dollar settlement over transaction fees and asked the court to rule the fee practices weren’t illegal.
The only reason that mobile payments will take off for purchases is when they get the security protection right! Whilst people feel they are at risk and so many companies could do something about it, this area will either grow and then fall or never become the money-spinner they all want it to be!