Biting the hand that feeds me: part one

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Two weeks ago I promised to tell readers exactly what I think, as a consumer, of the financial services industry, so here's part one of my - very lengthy - two-part comment on the ‘provider' market before I reveal next week my view of the intermediary sector.

I should stress despite what you are about to read, not everything this industry does is bad. In fact, much of the development in recent years has been really good because people in the industry and at financial services provider groups genuinely want to make people’s lives better and firms seek to do good, albeit they still have to make a profit from it. But there is a dichotomy between people wanting to make a difference and companies’ growing profit margins. Some firms seem to have shifted their focus away from helping consumers, more towards keeping the shareholders happy. I would s...

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