£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.
National Savings and Investments slash savings rates
The government-sponsored NSI has reduced the interest rate paid on its direct ISA from 4.8% to 3.3% in line with the 1.5% reduction in UK base rates. The product currently comes with a guarantee that the rate of return will be 0.3% above the Bank of England base rate until April 2009. As we suggested on one of our earlier posts, savers are now being hit in the pocket as the authorities attempt to...Read More
Bank company announced by government
A newly set-up company will look after the government's shareholdings in major banks, the Treasury has announced.The "arm's-length" company, named UK Financial Investments Limited (UKFI), will be wholly owned by the government."Its overarching objectives will be to protect and create value for the taxpayer as shareholder, with due regard to financial stability and acting in a way that promotes com...Read More
UK pay-per-view TV market in major shakeup
An announcement from Ofcom this week could signal the biggest shakeup in the UK pay-per-view TV market for over 20 years. It is believed that Ofcom will insist that Sky reduces the price it charges competitors to take premium content such as Sky Sports and Sky Movies to deliver to their own customers. This will allow the likes of BT and Virgin to attack the UK pay-per-view market with BT already p...Read More
Is the online industry set to grab more business in the future?
Many experts in the field of online business believe that the sudden and marked switch from off-line to online operations prior to Christmas last year was a major turning point in the industry. The increase in online activity seems to have followed through into the early part of 2009 although we will need to see this trend continue to confirm the apparent switch from the off-line retail sector to...Read More
Could JP Morgan really leave the UK?
As we covered earlier today, financial giant JP Morgan is on the verge of pulling out of a £1.5 billion office development in the Docklands. The company had planned to make London its European headquarters and the new £1.5 billion project was going to be the central point of the company's expansion in the future. However, the UK government appears to have upset the US giant with the ongoing bank...Read More