£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.
Bankers Pay Back?
Lord Turner, Chairman of the Financial Services Authority, has issued a warning to failed banks that they could be forced to repay two years worth of salary. Lord Turner has followed current US legislation as he has stated he feels that this would be an attractive option to deter banks from taking unnecessary or excessive risks in their business. Business Secretary, Vince Cable, has criticis...Read More
DSG International announces first loss for 24years
DSG International, the owner of Dixons, Currys and PC World has today announced a loss of £61 million for the six months to October 2008. This is the company's first loss in 24 years and marks a serious turnaround from a £51.4 million profit in the corresponding period last year. The company has also announced plans to cancel dividend payments in the medium term which should save £78 million a...Read More
Alistair Darling attacks Scottish government
In a sign that the Labour Party is now looking to firm up support in Scotland, Alistair Darling has today gone on the attack with a suggestion that the SNP- Lib Dem coalition has lost control of Edinburgh. This is the first time we have seen such a prominent UK MP openly attack the SNP and the policies which it has introduced since it took power. Those who follow the Scottish political scene wi...Read More
FTSE 100 moving higher again
Despite missing out on a record 12 consecutive daily rises, the FTSE 100 was today back in positive ground with an 84 point increase to 4632. Despite the fact that we appear to be experiencing very different indications regarding the economy on a daily basis it seems as though investors are looking further ahead and see more blue sky in the future. But how far can the market rise without more posi...Read More
CBI warns of budget giveaway
The CBI has today stepped in to warn the UK government that the economy cannot afford a giveaway budget. While in reality the UK authorities have very little leeway with regards to taxes and other charges, there are concerns that Alistair Darling may well target the rich to facilitate tax cuts and increase tax allowances for low-income families across the UK.
However, the CBI believ...