Household HSBC Watch

Tue Jun 28, 2:11 PM ET, WASHINGTON (Reuters) - U.S. soldiers about to ship out to war zones would get protection from sales pitches for high-cost low-benefit life insurance and other dubious financial products under legislation approved by the U.S. House of Representatives on Tuesday. The bill, approved 405-2, would allow military post commanders to ban from their bases unscrupulous sales agents who have been offering soldiers products such as mutual fund plans with 50 percent sales commissions, or expensive life insurance policies with very low death benefits.

Members of Household - HSBC Watch, a consumer advocacy organization, commended the measure and said they are preparing documentation which includes proof of abuse by former disgraced predatory lender Household International and HSBC. “Since they have military contracts one should study why they also have an “F” rating by the California BBB and other related poor ratings” said the group.