£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.
Will the government push through a capital gains tax increase?
Speculation that the Liberal Democrats are behind a proposed increase in capital gains tax from 18% to 40% have angered many investors in the property market. The proposed rise will only apply to non-business assets although the very fact such a move was never mentioned by the Conservative party during the election campaign points to a Liberal Democrat initiative. There is no doubt that the Con...Read More
Toyota Motor registers first loss since 1941
Japanese car manufacturer Toyota Motor has this evening announced its first loss since 1941 amid the carnage of the car manufacturing industry. This is the latest setback for an industry which has literally falling to its knees over the last few months with thousands and thousands of cars waiting to be delivered to forecourts never mind being sold.
The news from Toyota Motor is expe...
Staying put to move up the property ladder
Homeowners in their thirties and forties are increasingly choosing to stay put and renovate, rather than moving house, according to a new survey by Standard Life.Only one-in-ten thirty to forty-year-olds said that they were thinking about moving, and some three-quarters of those questioned said the cost and hassle put them off.A third said that they believed they could add to the value of their pr...Read More
Prudential boss leads the way in call for change
Tidjane Thiam, the boss of financial giant Prudential, has today declared that the whole of the UK financial sector needs to change to ensure the crisis the UK is now leaving is not repeated in the immediate future. There is now a greater push for change in the UK financial sector and we are starting to see big names and big business realise the time has come! These calls for change will be mus...Read More
Treasury sources suggest a further bailout of the UK banking sector
It has been revealed this evening, by sources close the Treasury, that the UK government is working on a new bailout plan for the UK banking sector. While the new strategy may be dressed a little different to the former bailout in effect it is the bailout part two. This is set to put the government at loggerheads with UK taxpayers who have long been complaining that the recent £37 billion bailout...Read More