Peter Reynolds

The life and times of Peter Reynolds

Banker Robbers Still On The Loose

with 2 comments

If I considered it as the plot for my next novel, I would discard it immediately as being completely unbelieveable.  It is outrageous.  The story of the way the banks have wriggled and wormed away from their responsibilities is the biggest scandal the world has ever seen.

The Very Worst

Today the shameful figures are revealed of the number of complaints that our high street banks receive.  See here.  It is an appalling litany of failure and disrespect of customers.  Complaints are at the very bottom of their priorities.  They are inefficent.   They have bonus systems that discourage staff from accepting complaints.  Santander, which so many used to know as the Abbey or Alliance & Leicester,  cannot manage to answer even half of its complaints within two months!  It is shocking.  It hasn’t got better since we all bailed them out.  It’s got worse.  Oh, except for the bonuses.  They just get bigger and bigger all the time.

These problems,  affecting the modest balances of ordinary people, may seem trivial in the context of the billions that the banks have already cost us but they are not.   They are crucial.   This is real money belonging to real people and needed to pay real bills.  It’s not the cocaine, champagne, Ferrari fantasy of some City boy ponce.   These figures indicate precisely the contempt, the utter disregard which bankers have for us even though it is we, ordinary people, who have been called on to rescue them from their catastrophic mistakes.

Actions Not Words!

Where is Vince Cable now?  He is the biggest disappointment of the coalition government.  His brave words as recently as the LibDem conference are all hot air.  He has let us all down.  His promises were empty.

We want the banks split up so that they are no longer too big to fail.  Only today, in Ireland they are realising that their nation is still held to ransom by its bankers.  So is ours.

We want retail and transaction banking separated entirely from casino investment banking so that there can be no more threat to our economy from the spivs and gamblers.  We don’t want any of these sharks anywhere near our  money.   John Diamond, the putative new head of Barclays has made a £100 milion fortune on the back of the taxpayer and the banking crisis.  He is not a fit and proper person to be in charge of a British bank.  The government should ban him immediately.

Wide Boy Spiv

Late last year the Office of Fair Trading let the banks off a £40 billion hook.  These were the extortionate charges illegally debited from customers’ accounts over the previous six years.  See here. This was in addition to the £850 billion cost of the original bailout.  See here.

How much more are they going to get away with?

When will David Cameron, Nick Clegg, George Osborne and Vince Cable stop dithering?

Stop the banker robbers now!

2 Responses

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  1. I used to work in retail banking some 30 years ago, and appauled by the level to which it has deterioated, to glorified money shops. They are indeed more interested in selling their “product than actually getting on with the job.

    A few interesting facts:

    1. Branches only balance their tills once a week: The
    Post Office once a MONTH.

    2. None of the retail Banks process their own work
    and it all goes to central processing centres
    which can handle up to 30 branches work; that
    includes VERY large branches such as St Pauls,
    City of London, Manchest Picadilly, York, Leeds
    numerous other large population densities.

    3. No branch has a qualified branch manager.
    4 No call centre operator has any banking knowledge
    or qualification, merely reading from cue cards.
    Of those staff very few have significant practical
    banking experience ususally 18-25 year olds, who
    have no one senior to refer to nor any form of
    hard copy reference: if does not exist on the
    computer it cnat be done.
    5. The average charge for stopping a cheque is £30
    up 600% in20 years. The man-time to stop a cheque
    is 5 minuets, down from 45.
    6. It now takes 5 days to clear a cheque, when 30
    years ago it took 3 1/2
    7. Base Rate is now 0.5%, and yet the average
    overdraft rate is 19% flat, plus “serivce charge”.
    In the days when Base Rate was 15%, the rate was
    22%, and no service charge, and that rate changed
    with base rate.The same applies to Credit Cards.

    8. Most large towns had at least two branches with a
    minumum of four tills. To-day a town with 100,000
    in habitants has 1 branch with up to 10 tills.
    Result longer queues than ever before.

    9. Each branch and account within that branch has a
    “Clearing threshold”. That is it works on the
    average transaction value, both for the branch and
    the client’s account. That is to say that only
    unusual transactions are checked, not every item
    which used to be the case.

    Excuse: “It is time consuming”.
    Solution:”Employ more people”.
    Result: more fraud than ever before, because one
    only has to find out the average transaction level
    for an account, against the level of the branch
    and it would never be picked up.

    10.As a sick joke: but a large number of smaller “sub-
    Branches”, have now become Funeral Parlours.

    With the recent changes in the law and the Appeal brought before the House of Lords earlier this year, the decision by the Law Lords has been that the Banks
    can, in effect, charge whatever they want for any service, incldung overdrafts and general serices including the Countermanding of Cheques, and even producing a Statement if they so wish. Therefore
    the cost of an overdraft is no longer controlled by
    Base Rate, which defeats the Bank of England’s purpose.

    The above proves that the Banking systems is now corrupt and more worryingly now appears to have the endorsement of the House of (Law) Lords.

    With Banks and even mutual Soceities going bust every 5 miuets, no wonder people are putting their money under the mattress again; or just plain leaving the Country.

    Lets face it, if you were in general commerce these people would be in prison for false accounting !

    The Debt Collector

    October 1, 2010 at 12:51 pm

    • They are thieves, all of them. Nothing less than cheating, scheming, lowdown, bullying thieves and our political leaders are scared shitless of them.

      When the next banking crisis comes will we do anything about it? I doubt it.

      How bad do things have to get? How blatant does the dishonesty of the bankers have to become before we stop them?

      Peter Reynolds

      October 1, 2010 at 1:06 pm

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