£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.
Does the insurance sector need a cash injection?
As the headlines point to a massive bailout of the UK banking sector there are some in the market who believe that a similar solution may be required for the insurance sector. Unknown to many consumers in the UK, insurance companies invest their premium income across a massive range of investment groups and are sure to have taken large hits to their asset bases like all other UK financial compani...Read More
Public given power to reject council tax rises
Eric Pickles, the local government secretary, has today revealed the UK government's plans for the future with regards to council tax increases. In future, being put forward as an example of the proposed changes, the public in South Yorkshire will have the chance to vote on excessive council tax hikes if they are above and beyond the increase in the retail price index. So how would this work? I...Read More
Food Standards Agency looking at fat tax
The Food Standards Agency has today issued a consultation document regarding the potential introduction of a so-called fat tax. It is likely that most processed foods sold in the UK will be targeted and their exemption from VAT (currently 17.5%) would be lifted. Alternatively the Food Standards Agency could introduce VAT on butter and cheese which would effectively cover a large number of so-calle...Read More
Boxing Day sales are no more
More and more retailers in the UK are bringing forward their "Boxing Day sales" and in effect offering massive discounts and announcing massive promotions ahead of Christmas day. While it is common knowledge that the UK retail sector has been struggling for some time, each and every retailer in the UK is now trying to squeeze as much money as possible from consumers. We are seeing companies such a...Read More
William Hague dragged into Lord Ashcroft row
Former Tory leader William Hague has tonight been dragged into the Lord Ashcroft row amid suggestions that he has been aware of the deputy chairman's non-domicile situation for "a few months". There is also concern that at the time of Lord Ashcroft's peerage he gave assurances to William Hague which was interpreted as a willingness to become domiciled in the UK, hence liable to UK tax on worldwide...Read More