Last week I spoke at length to a friend, a commercial HSBC manager who manages the accounts of several local solicitors’ firms, about HSBC’s decision to introduce a UK panel of 43 law firms. For HSBC clients in my rural area this means a choice between the additional cost of separate representation, or using a solicitor more than 100 miles away for their conveyancing.

The local HSBC manager with whom I spoke candidly believed that if it became apparent to HSBC that it was losing custom as a result of the policy on restricting the panel there would be a change of policy, but not otherwise. Whether it be bonuses or self-interest, money talks for bankers - perhaps we should learn that quickly.

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