The Anonymous Widower

Giles Andrews On Zopa

I found this article on Wired, which is an interview of Giles Andrews, the CEO of Zopa; the peer-to-peer lender.

Read it, remember the salient points and if you don’t swallow the message about the banks, you don’t deserve to have your savings protected. Take this statement from Giles.

A lot of banking is in a black box and consumers don’t really know what happens. Give your money to Barclays, in a savings account, and god knows that happens to it. Is it going half way round the world to buy some weird book of securities, or is it being lent to a small business in Sheffield? 

A lot of people put their money in the Co-operative Bank because of reasons like this.

May 14, 2013 - Posted by AnonW | Business, Finance | Banks, Peer-to-Peer Lending, Zopa