£2bn bank charge claim back on cards
A pot of £2.12 billion is waiting to be claimed by consumers who have been charged by credit card issuers.According to uSwitch, 18.96 million British consumers has been charged a total of £4 billion in bank charges and more than half have not claimed their money back.The price comparison site estimates that 52 per cent of customers have not reclaimed money charged by their banks and credit card providers, equalling £2.12 billion in unclaimed fees. Campaigners claim that charges as much as £30 are unlawful, as banks are only supposed to charge fees to cover administration costs.Consumers are being urged to reclaim bank charges, for bounced cheques and exceeded overdraft limits, as banks have been automatically refunding fees rather than see potentially damaging test cases taken to court. Thousands of pounds has already been paid to consumers in overdraft and other fees, with many people downloading pro-forma letters from internet sites.Nick White, director of financial services at uSwitch, said: "While the majority of banks are bending over backwards to refund bank charges to those consumers that take the initiative to fight back, this is not because the banks have gone soft in the last couple of months."Banks are reported to be considering imposing annual fees for standard current accounts, but 83 per cent of the 4,450 consumers polled by YouGov on behalf of uSwitch said that they would ditch their bank if annual fees were introduced.
HSBC fined £3.2 million by regulator
HSBC has been fined a total of £3.2 million after the FSA (Financial Services Authority) found the company in breach of data protection and security issues. The fine relates to 3 particular units which are HSBC life, HSBC actuaries and HSBC insurance brokers. The issue seems to have come to a head with the loss of a confidential CD which contained 180,000 insurance policyholder details, after bei...Read More
Woolworths bankers holding out for outright sale
It has been reported that the bankers for troubled retailer Woolworths have apparently trying to block the potential sale of the retail division to a recovery specialist for one pound. The deal would have seen nearly £300 million of debt transferred to the new operation and it seems as though the company's bankers were not willing to see this happen and see their debts transferred to another comp...Read More
Lloyds Bank business survey hits two-year high
Despite the fact that many UK companies are struggling, holiday companies are going out of business and the UK economy is set to downturn in the latter part of 2010 and 2011 the quarterly business confidence report from Lloyds Bank today shows a two-year high. The net positive balance was 18% amongst those surveyed by Lloyds Bank which compares favourably to the 16% figure for the previous quarter...Read More
Hedge funds deny blame for banking sector collapse
Hedge funds across the world have today denied being instrumental in the recent collapse of the UK banking sector. There have been rumours and counter rumours of substantial profits from "short selling" which many believe has piled yet more pressure on the sector. However, the hedge funds deny they are to blame instead suggesting that the banking sector has been slow to come forward and clarify ce...Read More
Will the Bank of England reintroduce quantitative easing?
Last November the Bank of England placed on hold the quantitative easing program which had already swallowed up £200 billion of taxpayer's money. This is a system which was essentially to act as oil for the UK economic cogs and wheels and ensure that everything kept moving. It was a great benefit to UK businesses who were struggling to obtain liquidity in the depths of the downturn. So will the B...Read More