According to an article in Edinburgh’s Evening News Barclays and the Royal Bank of Scotland are being investigated for anti-competitive behaviour which results in the head offices of both banks being raided by the OFT (Office of Fair Trading).
June 8th, 2008 | Tony | 0 comments | ContinuedConsumer News
Instant Bank Transfers
Well nearly, from next week you will be able to tranfer money between bank accounts using a new system. Transfers will be nearly live taking up to two hours, which is a massive improvement over the two to three days that it currently takes. According to the OFT the banks made £30 million [...]
May 26th, 2008 | Tony | 0 comments | Continued
Bank Charges Appeal
Last week Mr Justice Andrew Smith gave the banks the go ahead to appeal the ruling against them for unfair bank charges, which means that bank customers wanting to make a claim may now need to wait years and may not be able to claim at all if the banks are successful. [...]
May 26th, 2008 | Tony | 0 comments | Continued
The Financial Ombudsman Service (FOS) will remain free
It is brilliant news for consumers that Lord Hunt’s review has recommended that the Financial Ombudsman Service FOS remains free to consumers. Charges would discourage people from using the FOS, especially those in financial hardship.
Lord Hunt’s principal recommendations are as follows:
FOS should make a significant, and properly targeted and evaluated, increase in [...]
April 19th, 2008 | Tony | 0 comments | Continued
Clydesdale Financial Services reduces store card default charges
Following an approach by the OFT, Clydesdale Financial Services Limited, a wholly owned subsidiary of Barclays Bank plc, has decided to reduce its store card default charges from £22.50 to £12 with effect from today.
This action, prompted by a consumer complaint, follows earlier work by the OFT on credit card default charges. In April 2006, [...]
