£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.
Can we really ignore the threat of inflation?
As the UK economy continues to give mixed signals and inflation shows signs of coming back to life there are concerns as to whether we should be attacking inflation first or ensuring that the UK economy is in a position to grow in the short, medium and longer term. Can we really ignore the threat of inflation and tackle this at a later date? While inflation can eat away at the value of money an...Read More
UK stock market hits a 5 year low on Far East fall out
While the start of the fall out in the UK market today came from the Far East there seems to be a growing opinion in the City that Gordon Brown's spend, spend and spend more policy is going to leave the UK in serious financial difficulties for many years to come. Despite all of the headlines just a short two weeks ago it seems as though the Brown plan to save the world is in serious jeopardy.
Scottish exports receive boost
The Scottish government has confirmed that Scottish Development International, the Scottish government's export agency, generated more than £500 million for the Scottish economy in 2009. This came at a time when the Scottish economy, and the UK as a whole, was struggling in the aftermath of the credit crunch and worldwide recession - something which makes this feat even more impressive. The ag...Read More
CBI calls for changes in UK pension system
The CBI has today spoken out in support of UK businesses and demanded that the UK authorities review the current pension arrangements. The institute believes that UK businesses are at a "severe competitive disadvantage" because of the various rules and regulations present in certain areas of UK pension industry. One of the main problems is the short-term reviews required under current regulations...Read More
UK banks to trial living wills
A small selection of UK banks will this year start trials of so-called "living wills" which have been encouraged by the Financial Services Authority (FSA) in the event of a collapse of a banking institution. In simple terms these so-called living wills will allow regulators to come in and have ready made plans to wind down the operation, exposing every nook and cranny and investment operation in a...Read More