£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.
Is NestlÃ© on the verge of buying Hershey?
Swiss food group NestlÃ© is rumoured to be looking at a potential acquisition of US outfit Hershey which recently backed away from a bid for UK giant Cadbury. Despite the fact that the Hershey Trust, a charitable organisation set up many years ago, effectively controls the company via its share stake and voting rights there is a feeling that market forces could at least force the trustees of the...Read More
Welsh pension scheme 'exposed to Madoff'
A Welsh pension scheme has admitted exposure to the Bernie Madoff hedge fund scandal.The US fund manager has been arrested by prosecutors over an alleged £33 billion fraud.He is said by them to have run a "Ponzi scheme", paying investors off with other investors' money.Now, the Clwyd Pension scheme, which is paid in to by workers in north Wales, has said that they have lost around £1.9 million i...Read More
SocGen feels the wrath of the FSA
The Financial Services Authority (FSA) has confirmed a £1.575 million has been handed out to financial investment giant SocGen with claims that 80% of trades carried out by the company were inaccurately reported over a two-year period. A total of 18.8 million trades, between November 2007 and February 2010, were misreported to the FSA although customers and investment markets were not impacted in...Read More
UK Banks appear in control of the UK business sector
In a move that should surely merit some kind of comment from Lord Mandelson, the business secretary, it has been alleged that Lloyds TSB group forced a UK-based company, SeaDragon Offshore, to relocate a large project to Singapore. The allegations surround the fact that Lloyds TSB is the main lender to the company, which is heavily in debt and rumoured to be up for sale, and had initially agreed t...Read More
FSA launches Pension Annuity Probe
The FSA have launched an investigation into pension annuities, a market that is worth £11bn, after it was revealed that there are growing concerns British pensioners are not getting a fair deal in return for their pension fund when they retire. An annuity in simple terms is the income you get from your pension once you retire. The amount of income you get directly depends on the value of the...Read More