Monday 7th March 2011 - Published by Lara Page - Account Manager
'Banks are unworthy of your money' - claims expert
A property investment specialist has declared banks as ‘self-serving’ and ‘undeserving of your investment.’
Reg Miller, Propertyrush Ltd CEO and founder, is on a mission to challenge what he believes to be the unimaginative and remote culture that dominates investment products being offered on the high street.
Mr Miller, an independent financial advisor of 18 years, believes that people have been brainwashed into thinking there is only one way to invest.
The packaged products available from banks - linked to stock markets, corporate and government debt - benefit these large multi-national finance houses foremost, and provide very little real returns for their investors.
This is especially true at the moment, when you consider the low interest rates on offer, while at the same time banks are once again announcing big profits.
“At a time when Barclays Bank, and banks in general, are providing little interest or dividends for their investors, it’s outrageous that Barclays have announced that pre tax profits rose 32% to £6.1 billion. £2.6 billion of this went on bankers’ bonuses and their bankers total pay averaged £236,000 - a total pay rise of 39%.
What’s more, Barclays were recently fined £7.7 million by The Financial Services Authority (FSA) as 12,000 investors were mis-sold investments. By no means are Barclays the only perpetrators in this scandal, but it’s clear where investors money is going – in the pockets of the bankers.” said Mr Miller.
Since launching Propertyrush in 2008, Mr Miller has learnt that the common conceptions involved with personal investment are, in fact, fallacies:
“It is possible, with a relatively modest initial investment, to create high levels of return on capital that would be impossible to replicate with off- the shelf financial products.” Said Mr Miller.
