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Fixing the financial sector back book conundrum

No sector wanted the dubious honour of being the first subject to a Citizen's Advice super complaint to the Competition and Markets Authority (CMA). Financial services shared the prize.

Not without irony, the counterpoint is, outside some egregious examples, banks and insurers are not predators in this scenario, but long-term casualties of the 2008 global financial crisis they helped cause.

When Lehman Brothers collapsed, the Bank of England cut interest rates to keep consumers and businesses spending and servicing their debts, and the economy from seizing up. Overnight the Base Rate went from 5% into a decade where it never broke 0.5%, until August 2018 when it edged to its current 0.75%.