£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.
Hargreaves Lansdown contemplates life as part of a larger group
UK financial outfit Hargreaves Lansdown is currently reflecting on the retail distribution review draft proposals announced by the Financial Services Authority (FSA). As we covered in one of our earlier post, these draft proposals could see the abolishment of commission only transactions and force investors to pay fees upfront either as part of their investment or as a one-off payment.
Is telephone share dealing really needed now?
One area of finance which has undergone a major change is that of share dealing with the option to trade both online and off-line at various rates. While many investors have moved to the online trading market some are starting to wonder if there really is a need for a telephone share dealing service?
The problem with sharedealing is that many people do not understand how the market...
Has the nationalisation of RBS and HBOS scuppered Scottish independence?
It has been one of the hot topics in Scotland but the nationalisation of RBS and HBOS seems to have dealt something of a bitter blow to the Scottish Nationalist Party (SNP). Despite a number of comments to the contrary today it seems that until RBS and HBOS are back in public control there is no way that independence can be implemented - a key element of their manifesto going forward.
NAPF calls on government to guarantee pension protection fund
The National Association of Pension Funds (NAPF) has today released a statement urging the UK government to guarantee the pension protection fund. This is the industry financed arrangement with funds used to compensate those who may have lost money in a failed pension fund or pension arrangement. The NAPF has also suggested the government needs to be more flexible regarding rules for pension schem...Read More
More than 600,000 switch bank
16/04/2014 More than 600,000 people have switched to a different current account provider in the last 6 months, following the introduction of a new scheme aimed at making switching banks easier. The scheme enforces new rules that guarantee current account holders to be able to switch providers within seven days, as opposed to previously where it could take up to 30 days. Furthermore, whe...Read More