£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.
2006 'bumper year for saving'
Britons saved £25 billion more in 2006 than they did in the previous 12 months, according to a new survey.Financial adviser website Unbiased says that in the last year a total of £136 billion was put away for a rainy day, compared to £111 in 2005.In addition, today's research reveals that levels of debt are showing signs of slowing, with the average UK resident borrowing 40p for every pound in...Read More
Has inflation peaked?
After hitting a recent high of just over 5% the central rate of inflation in UK looks set to fall markedly after reaching a 16 year high. This more than any other factor should allow the Bank of England to reduce interest rates later this week, something which many investment markets have already factored in to the situation. This is not a time for the bank to be overly cautious and there is a nee...Read More
'Packaged account holders are often losing money'
Packaged accounts frequently offer worse value for money to savers than those which provide free banking, a price comparison site has claimed. Under the terms offered by packaged account providers, savers pay a monthly fee which typically entitles them to a higher rate of interest on their money as well as benefits such as free travel insurance and gifts. However, according to Sean Gardiner, chief...Read More
'Rainy conditions make home insurance even more important'
Worsening weather conditions in the UK have highlighted the importance of a comprehensive home insurance policy, it has been claimed. According to a new study from Abbey Home Insurance, just over one in ten (11 per cent) of British properties have been damaged during the last five years. Of these, the majority sustained damage to roofs and gardens, although a quarter of the cases examined involved...Read More
EU hedge fund restrictions could be softened
As the Swedish presidency of the EU comes to a close there are plans to water down the recently announced regulatory restrictions on hedge funds and private venture capital companies in Europe. This is an issue which has hit the UK financial sector very hard and indeed Boris Johnson, the Mayor of London, recently confirmed his concerns regarding additional funding requirements which could see hedg...Read More