A group of MPs has stated that comparing student loan repayments to phone contracts or cinema tickets constituted 'mis-selling' by the government. They also called for a reversal of the decision to freeze the income threshold for loan repayments.
MPs accuse the government of mis-selling student loans through misleading slideshows and YouTube videos, failing to disclose that loan terms could change. A report by the Treasury select committee urges the reversal of a decision to freeze the repayment threshold, highlighting a loss of trust between graduates and the system.
A group of MPs has stated that comparing student loan repayments to phone contracts or cinema tickets amounted to mis-selling by the government. They also called for a U-turn on freezing the income threshold for loan repayments.
South Korea's financial watchdog has fined five banks approximately 600 billion won for mis-selling equity-linked securities (ELS) tied to Hong Kong's H Index. The penalties are a reduction from an initial proposal, with the final decision pending.
Graduates feel exploited as "cash cows" to fund pensions due to student loan changes, MPs heard. Critics compare the "sneaky" alterations to loan terms to mis-selling scandals, with interest rates increasing debt beyond original amounts.
Société Générale has been fined €20 million by the ACPR, France's banking and insurance watchdog, for failing to inform and advise customers properly on bundled service offers, particularly insurance products. The bank acknowledged the decision and stated it has taken action.
