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03/14/2010: "social justice is failing?"
it is widely acknowledged today, that the financial services authority - FSA - brought in to regulate the banks, failed completely to stop banks from over stretching in their borrowing.
it is also widely accepted that because banks over stretched, as soon as cheap credit dried up (which was repackaged risky debt sold on to another bank - used as collateral for borrowing yet more money to lend out at a premium rate to make more profits) the markets collapsed - a complete and total failure by the FSA, a quango that gordon brown brought in to stop exactly this.
where is the much talked about "social justice" now?
two more classic examples for you:
example 1
mortgage holder gets a letter when the rate of interest on their mortgage goes up, giving them 28 days notice - nothing wrong there.
when the interest rate falls, they are told nothing for 18 months, instead they continue to be charged the higher price - not to worry, "social justice" will protect them and the issue will be resolved quickly and any refunds due will be forthcoming
the bank/building society that have done this will sort it out and safeguard their customers against this fraudulent activity? - wrong
the customer now has to go through a whole series of hoops and phone calls, branch visits, letters, etc. to find out the whats gone on. the customer finds out whats gone wrong, but no one is responsible or accountable for the error.
once highlighted to all concerned, youd think the refund of monies owed would be forthcoming? - youd be wrong again!
more hoops and smokescreens, letters and complaints, just to get back what is rightfully the customer's money. only court action will force the bank/building to honour the law and refund 8% interest on top of what they owe.. which again must be instigated by the customer at yet more expense.
not much sign of "social justice" there then!
example 2
gas company provide gas to a householder.
gas bill shoots up to almost £600 for a 3 month period!
customer wisely has a pre payment meter installed
weeks later the gas bill has jumped to over £700!
customer calls landlord to check equipment - landlord sends an engineer and finds fault with the thermostat on equipment at the property - which has caused the extremely high debt for gas.
not to worry - the landlord will be told of the error, fix the equipment and sort the huge bill out with the gas company? - wrong!
the customer now is a ping pong ball between the gas company and their landlord.
the gas company are very nice and will reduce the arrears payments - so they can get their £700 extra funds from the customer
the landlord are very nice as they will now fix their own equipment at the property, free of charge!
who has to pay the £700 bill? - the customer!
where's the "social justice" at now when the customer's out of pocket because of faulty equipment they rent off the landlord and the gas company who didnt spot that the bill has trebled from what it normally is?
in fairy land thats where - a complete waste of time and taxpayer's money - social justice, just another slogan to con people that those in power are doing something.... yet no one knows what!
