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Fat cat greedy brokers and banks, sick of them all!

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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.

Greedy banks and brokers 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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Nick

Nick

The three most sickening/low moral occupations: bankers, lawyers and doctors.
They feed on other people's plight, end of.
12/07/13 Nick
-4
Gekko is wrong!

Gekko is wrong!

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.
22/09/11 Gekko is wrong!
13
Victim of State Robbery

Victim of State Robbery

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.
08/09/11 Victim of State Robbery
0
Bankers Rule The World.

Bankers Rule The World.

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.
18/07/11 Bankers Rule The World.
17
Anonymous

Anonymous

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.
24/01/11 Anonymous
-13
happy harry2

happy harry2

"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.
10/12/10 happy harry2
2
AnonyMouse

AnonyMouse

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.
09/12/10 AnonyMouse
7
Joker

Joker

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.
13/11/10 Joker
8
Punish the Bankers

Punish the Bankers

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.
11/11/10 Punish the Bankers
-10
party pants

party pants

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.
10/11/10 party pants
-6
cathieman

cathieman

Insurance companies are SUPPOSED to insure you, their customer; however, what they do is INSURE THEMSELVES AGAINST ANY CLAIMS FROM YOU.
09/06/10 cathieman
-13
Gainsborough lad.

Gainsborough lad.

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?
12/02/10 Gainsborough lad.
7
Ripped Off

Ripped Off

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.
20/01/10 Ripped Off
-9
Scumbusting

Scumbusting

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.
20/07/09 Scumbusting
-2
Not A Bank Fan

Not A Bank Fan

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!!!!
19/05/09 Not A Bank Fan
1

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