Has to be Racist Surely - Page 5

21-04-2005, 20:20

I'd imagine the reason LloydsTSB insist on proof of descent is because it will make administration a whole lot easier; otherwise they could presumably end up stuck in the middle of disputes over permissions and denials by the Bank of India which would could make the thing unworkable. Had the Indian bank not got these regulations I'm sure the account would be open to all because there would be reason not to. With a market of 1.2m to target (plus a foothold in India itself which has a growing economy and an inefficient banking system), there's every reason to do what they're doing

I think some people are looking for racist intent that simply isn't there.

Russ, if you're still watching, you mentioned that LloydsTSB did this to create a stir. Apart from on CF I've not seen any adverse comment on this initiative - and I've checked an awful lot of news stories.

me283 · 21-04-2005, 20:29

This is somewhat reminiscent of the annoying habits of credit card companies who send out offers of 0% interest on balance transfers; I have called a few, and they were very keen to give me the facility until I pointed out that I already had their card. Then I was told that the offer was only for new customers, and existing customers had to pay the standard interest!

If I were a customer of Lloyds TSB who had to pay fees on transfers to other countries, I would be pretty miffed at this.

cookie_365 · 21-04-2005, 20:32

Quote:

Originally Posted by me283

Well, Lloyds TSB are calling it the Indian Banking Service... Now, one would imagine that by their very wording they are acting illegally; alternatively, if they fall back on the "acting as an agent" argument, then they are being unethical at best, and possibly still acting illegally at best.

Anyway, time will tell.

That'd be my take on it too.

This cant be right, can it? me283 and cookie_365 agreeing on something?

Is someone else typing your posts ???

me283 · 21-04-2005, 20:38

Quote:

Originally Posted by cookie_365

That'd be my take on it too.

This cant be right, can it? me283 and cookie_365 agreeing on something?

Is someone else typing your posts ???

Sorry, just got back after being offline all day. What the...??!!

Just kidding! It stands to reason that one day we would agree on something... it was just a case of when you were going to admit I was right

cookie_365 · 21-04-2005, 22:50

Quote:

Originally Posted by me283

Sorry, just got back after being offline all day. What the...??!!

Just kidding! It stands to reason that one day we would agree on something... it was just a case of when you were going to admit I was right

Well that certainly isn't going to ever happen

!!

22-04-2005, 10:22

Thanks to anon for this link: http://www.k****ij.com/inr/inr6.shtml For info, Indian nationals are not permitted to hold foreign currency accounts.

danielf · 22-04-2005, 10:26

Quote:

Originally Posted by andyl

Thanks to anon for this link: http://www.k****ij.com/inr/inr6.shtml For info, Indian nationals are not permitted to hold foreign currency accounts.

It looks like the swear filter has messed up that link Andy

Russ · 22-04-2005, 10:40

Quote:

Originally Posted by andyl

Russ, if you're still watching, you mentioned that LloydsTSB did this to create a stir. Apart from on CF I've not seen any adverse comment on this initiative - and I've checked an awful lot of news stories.

It'll create talking points between people, not just in the media.

22-04-2005, 10:52

Quote:

Originally Posted by danielf

It looks like the swear filter has messed up that link Andy

Well you'll just have to believe me then

Or you could replace the asterisks with another word for 'pooh'!
__________________

Quote:

Originally Posted by Russ D

It'll create talking points between people, not just in the media.

Well again, absolutely nobody I know has mentioned this. Plenty of political issues and ideas bouncing around, but not this one. Those with a racist agenda may pick up on it I guess but that's their problem.

Russ · 22-04-2005, 10:58

Quote:

Originally Posted by andyl

Well again, absolutely nobody I know has mentioned this. Plenty of political issues and ideas bouncing around, but not this one. Those with a racist agenda may pick up on it I guess but that's their problem.

It's probably because you may not be affected by this sort of thing - an example of this (albeit and extreme one) would be a racist attack on someone of your own ethnic background - I would not notice it as much as you perhaps would.

22-04-2005, 11:03

Quote:

Originally Posted by Russ D

It's probably because you may not be affected by this sort of thing - an example of this (albeit and extreme one) would be a racist attack on someone of your own ethnic background - I would not notice it as much as you perhaps would.

But who is going to be affected by this sort of thing? It's just not an issue and frankly to suggest that LloydsTSB did this to cause a stir is absurd. This decision is driven purely by commerce.

Russ · 22-04-2005, 11:07

Quote:

Originally Posted by andyl

But who is going to be affected by this sort of thing? It's just not an issue and frankly to suggest that LloydsTSB did this to cause a stir is absurd. This decision is driven purely by commerce.

It's not a matter of who is affected, it's about equality and fairness to all. And I've never said they just do this just to cause a stir, it is obviously a business decision - my point is they knew that doing it would cause a reaction - "there's no such thing as bad publicity" etc

22-04-2005, 11:16

Quote:

Originally Posted by Russ D

It's not a matter of who is affected, it's about equality and fairness to all. And I've never said they just do this just to cause a stir, it is obviously a business decision - my point is they knew that doing it would cause a reaction - "there's no such thing as bad publicity" etc

Well I think we've established the logistics and legals of the product. So, on the causing a reaction, I'm confused as to what you think LTSB should have done. They are targeting a massive market and clearly want to publicise it to that market. They are simply promoting a product - causing a stir doesn't come into it. In the public arena it simply hasn't caused a stir - if it was in any way controversial, surely it would have done? All the publicity has been about the reasoning behind, and practicalities of, the product.

As I say a few racists out there might try and make something of it (ignoring the realities of the situation as they do), but that's about as far as it might go.

Russ · 22-04-2005, 11:24

Quote:

Originally Posted by andyl

Well I think we've established the logistics and legals of the product. So, on the causing a reaction, I'm confused as to what you think LTSB should have done.

I've not suggested I know what they should have done - I don't know the market. It was a cynical ploy to use the law to their advantage. A clever business decision? Possibly but it doesn't mean I have to like it.

Let's assume there was a scenario where a financial institution could clearly make an extended profit if one of their services was only open to UK residents who could prove their British nationality through 4 generations, by exploiting an imaginary 'British heritage tax allowance". I'm using a deliberately hypothetical example here as it's unlikely such a service could possibly exist. Anyway assuming this allowance would be totally legal - do you think it would ever make it to the market place? Although within the law it would sound too close to racism and therefore unworkable.

My point is, what LloydsTSB are doing sounds like it could be racist but as the vast majority of those taking advantage of it would be of ethnic origin, it is deemed more 'acceptable'.

22-04-2005, 11:49

Quote:

Originally Posted by Russ D

I've not suggested I know what they should have done - I don't know the market. It was a cynical ploy to use the law to their advantage. A clever business decision? Possibly but it doesn't mean I have to like it.

Let's assume there was a scenario where a financial institution could clearly make an extended profit if one of their services was only open to UK residents who could prove their British nationality through 4 generations, by exploiting an imaginary 'British heritage tax allowance". I'm using a deliberately hypothetical example here as it's unlikely such a service could possibly exist. Anyway assuming this allowance would be totally legal - do you think it would ever make it to the market place? Although within the law it would sound too close to racism and therefore unworkable.

My point is, what LloydsTSB are doing sounds like it could be racist but as the vast majority of those taking advantage of it would be of ethnic origin, it is deemed more 'acceptable'.

LTSB are launching an account targeted at people who may wish to send to or invest money within India - which has it's own banking regulations. I think we have established, or I thought we had, that there is clearly no racist intent in launching this product, just a practical, commercial inititiative framed by relevant legislation. I am equally sure British citizens abroad can take advantage of British tax laws to their advantage when they choose to (say an ISA allowance) and use their nationality (even when they haven't lived here for many, many years) to take part in our elections which help frame our tax policies. I think there's a bag of McCains on your shoulder with regard to your comment on this being more acceptable because this product is targeted at ex-pat Indians and their descendants.

Gonna have to sign off for a while. Catch yous laters!