£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.
Finance Ministers criticise Treasury’s spending cuts
24/08/2015 Finance Ministers in Scotland, Northern Ireland and Wales have claimed that the UK government is making spending cuts “too fast and too far”. The joint statement on spending has been issued by Scotland's Deputy First Minister John Swinney, Arlene Foster of the Northern Ireland Executive and Jane Hutt of the Welsh government. It claims that continuing austerity measures are po...Read More
Nationwide Building Society Blames Ã‚£726 Million Hit On Accounting Changes
The Nationwide Building Society has long been one of the main suppliers in the mortgage market but it seems that they have taken a massive hit after the credit crunch caused a major fall in the value of their assets. While the Building Society claim that the £726 million hit on the value of their assets is only a paper loss, there is concern about the quality of some of their investments.
FCA announce cap on pay day loan interest rates
11/10/2014 The Financial Conduct Authority (FCA) has announced a cap on the amount of interest that pay day loan companies can charged their customers. The new regulations announced mean that pay day loan interest rates will be capped at 0.8% of the amount borrowed a day, including fees. Fixed default fees will be capped at £15, and borrowers must never have to pay back more in fees and in...Read More
London businesses to be hit with 2% levy for Crossrail development
Boris Johnson, the Mayor of London, has today confirmed that London businesses will pay a levy of 2% from April 2010 to assist with the cost of the £16 billion Crossrail development. However, commercial premises with a rateable value of less than £55,000 will be exempt from the levy taking out around 80% of small and medium-sized businesses in the area. It is thought that the two pence in the...Read More
'Biggest UK banking loss in history' to be announced by RBS
RBS, Britain's second-biggest bank, is set to announce the biggest loss in the sector's history this week.According to a group of analysts, who spoke to the Reuters news agency, the firm will say on Friday that it lost £1.2 billion from January to June 2008.This is the largest single negative earnings declaration of any UK bank.Credit crunch related asset writedowns of £5.9 billion have already...Read More