£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.
US markets set for 4% rally
Early indications are that the US investment markets will follow the lead of Europe with dealers expecting a 4% rally at the open. This is purely and simply because of the EUR750 billion bailout package announced earlier today which would appear to have injected significant confidence into European financial markets. But will this rally hold? When you consider that the UK market was down around...Read More
Nationwide cuts rates again
Nationwide will cut some of its fixed rate and tracker deals by up to 0.46 per cent, the firm has announced.The move is an example of further positive sentiment in the UK mortgage market, and marks Nationwide's second reduction of rates in two weeks.Other lenders including HSBC have also announced recent reductions, while the sector has also been buoyed by takeover news from Alliance & Leicester.T...Read More
British people access their pensions earliest
09/09/2014 British people choose to access their pensions earlier than anywhere else in the EU, but also work later into older age, research by the European Commission has found. At the moment, the average British worker accesses their pension savings at the age of 58, which is one of the earliest in Europe. Britain also had a higher proportion, 20%, of people working past 65. This could su...Read More
Bank of England to change format for economic forecast presentations
Mervyn King, the government the Bank of England, has today confirmed that future economic forecast presentations from the bank will be presented in a very different format than in the past. There have been number of complaints from economist regarding the ever more complicated economic graphs used by the Bank of England's and the fact that very often these graphs give a different impression to tha...Read More
Credit Card Spending Falls By £4 Billion
News that credit card spending in the UK fell by £4 billion in the first half of 2008, compared to 2007, has been well received by consumer protection groups. However, the tougher market conditions do not bode well for the finance industry with profits under severe pressure and more people struggling to cover their monthly payments than ever before.
We have seen a number of credit...