Fat cat greedy brokers and banks, sick of them all!
My gripe for the day would have to be the extortionate commission taken my brokers for insurance and sorting out mortgages. We went to a broker in the hopes of decreasing our monthly outgoings as I had to give up my job due to ill health. He was very charming and made all the right noises but heavens I was shocked to find out how much they really get. Just for sitting at our dining table and sorting out the mortgage (maybe an hours work) he gets nearly £600 in commission. For sorting out one insurance policy he gets £623 and we have taken out three insurance policies. Is this legal?
Why haven't the insurance ombudsman tackled this? This surely is basically legalised stealing? Our hands are tied and we are the ones who ultimately pay. I will never go through a broker again. In fact he has turned out to be pretty useless as promises to advise us when things were to be completed never materialised. We've had to do all the chasing.
I think we the public should do something about this. AND, I suspect the banks are just as bad. It is no wonder they want to sell you their products. We, the consumers, and our families are suffering.
Banks advertising on the television really annoy me more than anything at the moment. Again, its all us downtrodden consumers that are paying for this. I don't want banks to advertise. Why? because it costs a fortune and they rake it back in charges. I don't want them to telephone me at home pressuring me to have a loan or take out some silly insurance policy or credit card that I don't need. If I want a loan I will go to the bank and make an appointment. I don't know these strangers at the end of a phone - who are they? How dare they disturb me in my home at inconvenient times? I don't want them to contact me. That's why we have the yellow pages and the Internet.
Banks can blame their collapse to negligence. They have not done their budgeting correctly and the people in charge of running these establishments get paid a lot of money to manage and yet they don't. We have lived in a greedy culture and now we're paying for it.
So greedy brokers, greedy banks and cold calling are my gripes today. Why not give benefits to the people who need it and stop fattening the fat cats? Banks should not advertise if I could pass one law then this would be the one. Gripe over...
By: Sharmie
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Bloody hell. Check out Mr Greed below. Only £180,000 which apparently isn't growing fast enough.
Mate, most of us can't even afford to pay into a Pension so be grateful.
Mate, most of us can't even afford to pay into a Pension so be grateful.
+1
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Gekko is wrong! - 22-Sep-11 14:40
Save for a pension? Save? I have been severely robbed
http://snipurl.com/veahu
I have £180000 saved for my pension. It is not growing fast enough. The state has robbed me of its value.
http://snipurl.com/veahu
I have £180000 saved for my pension. It is not growing fast enough. The state has robbed me of its value.
-4
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Victim of State Robbery - 8-Sep-11 12:15
The best advice I've heard to look after your savings and/or Pension?
Invest in a safe.
To some, this may seem extreme. To me it's common sense. Granted, there is no interest accruing but least you know where you money is at all times and guaranteed it's not been 'played with' over the Markets.
I know this is loosely related to the gripe, but I thought it was quite applicable considering the charges this broker made just by offering his clients a policy which is standard to his Company anyway.
Invest in a safe.
To some, this may seem extreme. To me it's common sense. Granted, there is no interest accruing but least you know where you money is at all times and guaranteed it's not been 'played with' over the Markets.
I know this is loosely related to the gripe, but I thought it was quite applicable considering the charges this broker made just by offering his clients a policy which is standard to his Company anyway.
+9
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Bankers Rule The World. - 18-Jul-11 11:37
A wire Transfer was sent to me on 29th Dec 2010. By 11 January 2011 it has still not arrived. I appreciate that "holidays" have paid a part in the delay but surely it should not take this long.
How can the banks justify this. Having spoken to Lloyds TSB they deny that it has been received by them. I then spoke to Wells Fargo who say it left them and is with the recipient bank and has been since 4 Jan. Who is telling the truth? who can you speak to to find out? It is just a click of a button these days and saying 3 days is outrageous but this long is just pure theft. The exchange rate has changed and therefore even less money will now arrive in my account! Do I have any redress to the bank? Answer NO. Can I claim for the difference in exchange rates between wire being sent and wire being received? Answer NO.
This is wholly unacceptable behaviour and we the public have no way of a)tracking the transfer (yet many small parcel companies manage to do this) and no way of knowing who is hanging onto my money and profitting from it. and b) no-one to complain to. On the slim chance that the money I transferred might appear today, I asked them at what time the transfers are received. They said midnight. Then I asked, is that considered to be today or tomorrow? Of course, it was tomorrow and so the £12 penalty fee applies regardless!
Now more than ever I'm convinced that the bankers are just sitting in their offices laughing at us, sure in the knowledge that there's nothing we can do; for they have all the power and we have none.
How can the banks justify this. Having spoken to Lloyds TSB they deny that it has been received by them. I then spoke to Wells Fargo who say it left them and is with the recipient bank and has been since 4 Jan. Who is telling the truth? who can you speak to to find out? It is just a click of a button these days and saying 3 days is outrageous but this long is just pure theft. The exchange rate has changed and therefore even less money will now arrive in my account! Do I have any redress to the bank? Answer NO. Can I claim for the difference in exchange rates between wire being sent and wire being received? Answer NO.
This is wholly unacceptable behaviour and we the public have no way of a)tracking the transfer (yet many small parcel companies manage to do this) and no way of knowing who is hanging onto my money and profitting from it. and b) no-one to complain to. On the slim chance that the money I transferred might appear today, I asked them at what time the transfers are received. They said midnight. Then I asked, is that considered to be today or tomorrow? Of course, it was tomorrow and so the £12 penalty fee applies regardless!
Now more than ever I'm convinced that the bankers are just sitting in their offices laughing at us, sure in the knowledge that there's nothing we can do; for they have all the power and we have none.
-3
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"you choose to use his services" ? Well, once they have gotten you in debt with tons of encouragement, persuasion. Once in debt, you owe more than ever and not free but in the hands of the dirty banks.
Most people are no good with their accounts and banks realise this. Banks need to make money and lots of it. Get people into debt, tie their homes to it and get a big bonus.
Most people are no good with their accounts and banks realise this. Banks need to make money and lots of it. Get people into debt, tie their homes to it and get a big bonus.
+1
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happy harry2 - 10-Dec-10 00:06
Sharmie, firstly, sorry to hear about your ill health. I hope you get better soon.
The amount of commission he took is a lot of money, but ultimately, you chose to use his services. I'm sure the broker didn't put a gun to your head and force you to sign a contract.
I agree that the banks in the UK charge extortionate fees, which is why I no longer use a mainstream bank in England, and I also set up another account overseas.
I'd like to add that 'Scumbusting' made some good points in his post. It is so true that "They love cheap and nasty, quality-less overpricing". The poor services that we receive in the UK would not be accepted by people in most other countries.
The amount of commission he took is a lot of money, but ultimately, you chose to use his services. I'm sure the broker didn't put a gun to your head and force you to sign a contract.
I agree that the banks in the UK charge extortionate fees, which is why I no longer use a mainstream bank in England, and I also set up another account overseas.
I'd like to add that 'Scumbusting' made some good points in his post. It is so true that "They love cheap and nasty, quality-less overpricing". The poor services that we receive in the UK would not be accepted by people in most other countries.
+4
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Who decides on ridiculously high interests? The lenders and bankers charge whatever they like and it increases over inflation!
Most of the money owed is Interest - Interest rates set by finance organisations backed by the governent.
Most of the money owed is Interest - Interest rates set by finance organisations backed by the governent.
+4
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I would suggest that all customers of Barclays should move their accounts as they will be increasing charges in one way or another to pay for the bonuses.
-3
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Punish the Bankers - 11-Nov-10 15:42
Colin, you personally may have had nothing to do with the situation but the banking organisations were all involved in the mess we are in now.
This pathetic government is penalising children, families, students. I am so ashamed of being British.
This pathetic government is penalising children, families, students. I am so ashamed of being British.
+1
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Insurance companies are SUPPOSED to insure you, their customer; however, what they do is INSURE THEMSELVES AGAINST ANY CLAIMS FROM YOU.
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It has just been announced in the media that ten thousand city bankers are going to get a million pounds each,
We, the taxpayers have just bailed out the banks to the tune of billions opon billions of £££ssss
Surely there will be riots or anarchy one day if this sort of thing carries on?
We, the taxpayers have just bailed out the banks to the tune of billions opon billions of £££ssss
Surely there will be riots or anarchy one day if this sort of thing carries on?
+2
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Gainsborough lad. - 12-Feb-10 22:19
Today we went to the Santander Bank (Abbey National to you and me) in the high street near us. We needed to send $8,000 to an account in the USA. We asked what the amount and cost would be. They said at the start of our transaction that it would be about £4920 plus £25 charge. 40 minutes later - yes, the transaction took 40 minutes to complete - unbelievable in this day and age - £5082 was deducted from our account for the transaction. I complained why on Earth could they not give us a full and accurate quote before we started this business. I asked them to do this befoe we started the transaction. They said they couldn't. Unbelievable!
Banks seem to me to be generally crooks, liars and cheats. They could have given us a far more accurate quote than they did for this transaction. They declined to do this. This is the taxi-journey way of doing business where you simply don't know how much the journey will cost till you have completed it. Taxi-drivers are generally a bad lot the world over, so too are banks.
Banks seem to me to be generally crooks, liars and cheats. They could have given us a far more accurate quote than they did for this transaction. They declined to do this. This is the taxi-journey way of doing business where you simply don't know how much the journey will cost till you have completed it. Taxi-drivers are generally a bad lot the world over, so too are banks.
-9
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The Second War was the triumph of amateurism over organisation. Mrs Thatcher saw to it that the nation needed to be ripped off. People voted for her and her way. They like being ripped off. Britons are sado-masochists. They love cheap and nasty, quality-less overpricing. They are suckers for economic punishment. Socialism requiring organisation will never take hold here. The Establishment remain in power because Britons love buffoons, call it the friendly Mafia. From the cradle to the grave Britons are taught to know their place, the lower in the economic foodchain you are, the more you are ripe for ripping off. Banks were/are simply a means to this end. The joke's over though. The four horsemen of the Apocalypse will soon be riding through your town: death, famine pestilence and war.
-2
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I do my banking on the web. I avoid going to visit the branch wherever possible. Why? Because I absolutely hate when I go to simply pay in a cheque or withdraw some money and instead of just doing what I ask, the cashier tries their best to flog me some product or other - an account upgrade, a credit card, some insurance, whatever... Just leave me alone you leaches, if I want your product or service I shall ask for it, just do what I ask and shut up!!!!
0
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Not A Bank Fan - 19-May-09 17:03
If you were betrayed by a friend, or someone you respected, would you keep going back for more?
I can't understand people who get rooked by their bank and still you remain a customer? You would have to be pretty stupid to keep on accepting your bank ripping you off. But millions of you can't be bothered to just go to your bank and fill out an account transfer form!
What annoys me more than banks is,......stupid people, like this! Basically you deserve all the rip-offs you get taken for. What's even more sad is, deep down, you know it!
You may start moaning and wanting better rights and more business regulation. But if a bank can rip you off that easily you don't deserve more rights. What you need to do is take some personal responsibility for being a loser! Then you may get some respect and then you might get some rights.
I can't understand people who get rooked by their bank and still you remain a customer? You would have to be pretty stupid to keep on accepting your bank ripping you off. But millions of you can't be bothered to just go to your bank and fill out an account transfer form!
What annoys me more than banks is,......stupid people, like this! Basically you deserve all the rip-offs you get taken for. What's even more sad is, deep down, you know it!
You may start moaning and wanting better rights and more business regulation. But if a bank can rip you off that easily you don't deserve more rights. What you need to do is take some personal responsibility for being a loser! Then you may get some respect and then you might get some rights.
+4
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Somehow I think the insurance Ombudsmen are scared to tackle this issue as are the bank employees who get a tasty tidbit for selling these insurance policies and other products on. We used the Halifax solicitors when we sold our home. What a useless bunch they were. They never answered the phone. I've now moved the mortgage and the insurances. I thank you for this advice regarding going through a broker. I will make appointments and arrangements myself directly to the insurance company. It would be interesting to compare the two. Banking staff should bow their heads in shame. I still see adverts on tv - for what purpose? Where has the image of respectability and confidentiality gone? Where has the friendly bank minus all the stupid advertising gone? You don't need to advertise if you're a respectable establishment the customer will come to you.
+3
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Banks no need to advertise sav - 24-Apr-09 09:27
You know I think we are tending to become complacent. How is it fair that we have all these added extras onto our mortgage because we've gone through a broken. I asked for the £1500 administration fee charged on our remortgage with Abbey National to be explained - I never received a reply. I also phoned up and also got no real response other than it was a fixed rate. Imagine by anger when I discovered that the broker was getting a huge cut of this so called admin fee. Our mortgage comes up for renewal in 2 years and there is no way on this earth that I would ever use a broker again. Talk about corrupt and to think of all the money they and banks make out of us for selling us insurance is downright wrong. There is too much corruption in banking and in the sale of insurance policies it needs to be sorted out NOW.
-3
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top stealing our hard earned - 20-Apr-09 16:46
Insurance Ombudsmen where are you?? Why can't you stop this corrupt behaviour by banks and brokers. It is not right that the consumer is being taken for a ride. This is just so wrong. We get taxed for just about everything: council tax; income tax; tv licence; inheritance tax etc why should our hard earned money be wasted in this way? Sort it out. This is corruption.
Inheritance tax now thats another thing that irritates me - WHY SHOULD THE GOVERNMENT BENEFIT FROM OUR HARD WORK OVER THE YEARS. I want my family to benefit not some fat cat in government. STOP INHERITANCE TAX NOW.
INSURANCE OMBUDSMEN STOP THIS CORRUPTION OF SELLING INSURANCE POLICIES NOW
Inheritance tax now thats another thing that irritates me - WHY SHOULD THE GOVERNMENT BENEFIT FROM OUR HARD WORK OVER THE YEARS. I want my family to benefit not some fat cat in government. STOP INHERITANCE TAX NOW.
INSURANCE OMBUDSMEN STOP THIS CORRUPTION OF SELLING INSURANCE POLICIES NOW
+3
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Campaign to stop insurance rip - 16-Apr-09 16:31
Leaving aside the cost of the policies, people often wonder why their investments in a pension policy have performed as badly as they have. Have you felt totally ripped off by your pension provider when you cashed had to cash it in, at any point in the last 10 years? It's mainly because of these charges and all the rubbish the pension companies spout. But it's all still legal for them to behave like this.
Banks have a so-called Sales Culture - you must have seen this "in action" on TV progs like Panorama, Watchdog, Dispatches. Blatant Rip-off practices, changing current accounts, rip-off mortgage charges and fees, bullying of bank staff (anyone wanting to work for a High St bank must like being bullied, because that is what you are going to get!Your "performance" and commitment gets questioned DAILY.) The lesson is, if an organisation does it to it's staff it will treat it's customers just the same!
Banks have a so-called Sales Culture - you must have seen this "in action" on TV progs like Panorama, Watchdog, Dispatches. Blatant Rip-off practices, changing current accounts, rip-off mortgage charges and fees, bullying of bank staff (anyone wanting to work for a High St bank must like being bullied, because that is what you are going to get!Your "performance" and commitment gets questioned DAILY.) The lesson is, if an organisation does it to it's staff it will treat it's customers just the same!
0
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When we buying our house, I could never understand the reason why inspecting the health of my body was far more important to the bank/building society [when aged 30] than assessing the structural condition of the house. Absolute nuts.
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