Friday, March 24, 2017
Financial Misregulation
Financial Misregulation
Aviva, the worst insurance company one can ever make the mistake of using, started to make TV ads in the USA claiming that they “…wonder why other life insurance companies treat you like a policy, not a person” (link). That must be a joke. At least the other companies will read their own policies, instead of Aviva, which needs the government regulators to read it for them! (link)
It must be something in the water cooler of financial institutions. My bank made a strange charge to my credit card coming from a certain ccbilleu.com. After I complained, it sent me a letter with the statement that “After pursuing an inquiry with the merchant’s bank, we have concluded that an error did occur. Our file is now closed and provisional credit(s) totaling $15.00 will remain on the account as a permanent credit”. It almost looks like they are doing me a favor for correcting a problem that they caused.
I do believe that my bank made a terrible but honest error. Meanwhile, the fact that regulators allow companies like Aviva go on and on despite innumerous cases of proven bad faith is what puzzles me. But it just makes it clear that nobody is really looking at the data about such companies and the customers’ complaints. Why look at the data when it may contradict the desired result? I fully understand why a Nobel Prize shouldn’t be allowed to serve on the board of the Federal Reserve in the USA, even if he himself doesn’t, or doesn’t want to expose it: those with pre-conceived conclusions fear analytical people like the plague (link).
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