£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.
UK currency moves higher on future hopes
After a period of difficulty for the UK currency, sterling has today continued its recent rise against the euro and the dollar amid claims that the UK recession is coming to an end. While these claims have yet to be rubberstamped by a number of economic forecasters, there is no doubt that under the surface there is an increase in confidence and potential activity. Whether this is enough to suggest...Read More
Is It Fair To Ask Energy Firms To Reduce Their Margins In Troubled Times?
As the debate about the UK energy sector continues to rage there are growing calls for energy companies to reduce their profit margins in times of trouble and assist their customers as much as possible. However, when you bear in mind that these companies have been privatised and are now operating in a free market, is this really a reasonable thing to expect?
One of the problems whi...
How do you define excessive fees?
As the ongoing bank charges debacle continues we have today seen the emergence of a possible similar type of situation in the letting agency market. A judgement today, which ruled that excessive fees charged by many letting agencies across the UK can be reclaimed over a 14 year period, has caused many consumers in the UK to consider how you define excessive fees.
While many believe...
Royal Bank of Scotland directors face potential fraud investigation
In a move which has surprised many in the city it has been revealed that Sir Fred Goodwin and his former Royal Bank of Scotland directors could face a criminal investigation in relation to the administration of the Royal Bank of Scotland. The shares collapsed earlier this year amid signs that the group had overextended itself in foreign markets and was struggling on a liquidity basis.
London house prices fall for first time in two years
26/09/2014 The average house price in London has fallen for the first time in almost two years, according to a report by Hometrack. Prices in London have continuously increased at unprecedented levels over the last two years, but demand finally appears to have levelled off. The decline in London house prices was recorded at 0.1%, whilst the rest of the UK housing market stalled and record...Read More