£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.
Watchdog concerned at insider trading
Incidents of insider trading on the London Stock Exchange are giving the country's financial watchdog serious cause for concern.According to the Financial Services Authority (FSA) suspicious share price movements preceded 23.7 per cent of takeover announcements in 2004/05.Although this represents a fall from the peak of 32.4 per cent in the previous year, the FSA says the level is still too high;...Read More
Comparison websites back in the limelight!
Plans to introduce a watchdog to cover the UK comparison website sector have collapsed when a voluntary code attracted little attention and very few signatures from industry players. A number of the more prominent comparison websites in the UK refused to sign up for a number of reasons and there are now concerns that the UK government will step in to introduce a more formal watchdog for the sector...Read More
Why has the UK stock market disconnected from the economy?
Despite the fact that UK GDP (Gross Domestic Product) was a disappointing -0.4% during the last quarter, against an expectation of 0.2% growth, the UK stock market ended on a high today adding 60 points to 5268. But why is the UK stock market racing ahead when the UK economy appears to be going into reverse?
As we have mentioned on numerous occasions, the UK stock market tends to lo...
Is your personal data safe in the UK?
The recent revelation that ZÃ¼rich Insurance lost the details of over 50,000 UK customers during transit is starting to have an impact on UK consumers. Despite the fact that larger data losses have been reported over the last few years, it seems that this may well be the "straw which broke the camel's back" and see more and more UK consumers look at protection issues.
Has the UK retail market discount season hit rock bottom?
Figures from the high street suggest that shoppers have been out in record numbers over the last two days as the stand-off between retailers and consumers comes to a conclusion. There is no doubt that the consumer has won the day with yet more substantial discounts on offer throughout the UK with some price slashed by over 50%. Quite where many consumers are getting their funds from remains to be...Read More