£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.
Petrol prices hit all-time high
As we mentioned in one of our earlier articles, UK motorists have seen the cost of filling their petrol tanks increase enormously over the last two years. Today marks another difficult period for UK motorists with petrol prices hitting 119.9p a litre and concern that prices could push further ahead in the short-term. A mixture of a short-term increase in the cost of oil and the detrimental dollar...Read More
UK government turns on the public sector
In a sign of the times, or more likely a fight for votes in the UK, MPs have announced plans to name and shame those who have enormous salaries in the public sector. This is a sector which has ballooned in size under the Labour government but one which is now apparently public enemy number one due to the fact that gold plated pension schemes are still popular and the number of employees within the...Read More
Should the FSA oversee investment advice to public bodies?
The collapse of the Icelandic banking system has prompted a committee of MPs to suggest that the FSA (Financial Services Authority) should have the power to oversee and regulate investment advice given to public bodies. It is well-known that UK public bodies held around £1 billion of UK taxpayer's money with Icelandic banking institutions at the time of the collapse. While around £100 million ha...Read More
Is The NHS Still A Free Service?
The recent celebrations to mark the life of the NHS were seen as a wake more than a celebration by some who are very close to the institution. Over the last few years we have seen more and more back door charges introduced, dentists refusing to take NHS patients and doctors overloaded with more patients per doctor than ever before. On top of this we have see prescription charges in the UK contin...Read More
Is the EU expansion policy fatally flawed?
The ongoing problems in Greece and potential issues regarding Spain and Portugal have highlighted the major expansion push instigated by the European Union over the last few years. This is a policy which has seen many relatively small countries join the European Union and tap into additional funding to finance changes within their own boundaries. However, was the European Union too quick to hand o...Read More