£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.
ECB forecasts no deflationary pressure in the short term
In a move which has been welcomed by investment markets around Europe, the ECB (European Central bank) has confirmed that in its opinion the Eurozone is not at risk of deflationary pressure over the next few months. As we covered on a recent post, deflation is a very serious situation which can in some circumstances lead to a severe recession. As prices continue to fall, companies look to cut cost...Read More
Approval granted for UK's first Islamic insurance firm
Regulatory approval has been granted for the first ever specialist Islamic insurance provider in the UK, it has been announced. Principle Insurance has been cleared for business by the Financial Services Authority and will offer home insurance and motor insurance products. In keeping with Shariah law, the firm will not use interest and will shun investments in sectors that contravene Islamic princ...Read More
Has the UK property sector bottomed out?
Today's news that Bovis Homes has raised £60 million via a share placing, with the intention of spending funds on "cheap land", is yet another indication of the upbeat sentiment in the UK house building sector. Only a few weeks ago we saw the vast majority of house builders in the UK issue disappointing profits but ultimately positive comments going forward with the general opinion that the worst...Read More
London shares rally but traders want more
While shares on the UK stock market rallied by over 3 percent it seems that many traders are demanding more of the same on the subject of interest rate cuts. Indeed it has been shown in a recent survey that many traders fully expect the UK authorities to cut rates further over the next few weeks and months to try and drip feed confidence back into the markets. But will it work?
Can A Government Really Impact Upon The Economy?
As many across the UK look at an alternative to the Labour government some are starting to wonder what difference there is between the likes of the Labour Party and the Conservative Party. Are they really able to put their stamp on the economy? Do they really make a difference?
At this moment in time the difference between the policies of the Labour Party and the Conservative Party...