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News Tag: charges

April 19, 2010

Bankers shudder at Goldman Sachs’ fraud charge

by Gill Montia
Bankers shudder at Goldman Sachs' fraud charge
The financial world was in shock over the weekend following the decision of the US Securities and Exchange Commission (SEC) to charge Goldman Sachs and one of its vice presidents with fraud. The Wall Street bank allegedly sold investors down the river by “misstating and omitting key facts” about a financial product tied to US sub-prime mortgages. In 2007, the bank produced ...

April 12, 2010

Mistreated Kensington borrowers in line for compensation

by Gill Montia
The Financial Services Authority (FSA) has fined Kensington Mortgage Company Limited £1.225 million over the way in which it treated some of borrowers facing financial difficulties. The regulator identified a number of serious failings by the sub-prime lender between January 2007 and October 2008, and the firm will have to pay up to £1.066 million to compensate its mistreated customers. ...

March 16, 2010

Consumers to benefit from overdraft opt-out

by Kay Murchie
Consumer watchdog, the Office of Fair Trading (OFT), has today revealed UK banks may soon be offering customers the ability to opt out of unarranged overdraft facilities. Should the procedure be put in place, it would mean consumers would avoid hefty fees if they slipped into the red. The announcement comes as the OFT took legal action against banks regarding unauthorised overdraft ...

December 22, 2009

OFT scraps plans to take further court action against banks

by Kay Murchie
Consumer watchdog, the Office of Fair Trading (OFT), has announced it is to abandon plans to take further legal action against banks regarding unauthorised overdraft charges. At the end of last month, the Supreme Court ruled in favour of the banks over the fairness of the charges. The test case originally commenced in July 2007 after it was discovered ...

November 30, 2009

Lloyds seeks to dismiss overdraft cases

by Kay Murchie
Last week, the Supreme Court ruled in favour of the banks over the fairness of unauthorised overdraft charges. The legal battle, which has been ongoing since July 2007, came as a devastating blow to consumer groups who have been campaigning for many years about the charges, which they deem to be unfair. Since the ruling, banking giant Lloyds said it is seeking to ...

November 17, 2009

Wednesday 25 November is judgement day

by Kay Murchie
The ongoing legal battle between eight high street banks and the Office of Fair Trading (OFT) over unauthorised overdraft charges might actually reach a conclusion next week. Wednesday 25 November is the date that has been set for the Supreme Court to decide whether the OFT has the power to assess whether or not bank charges are fair. Banks and building societies were ...

October 7, 2009

Banks agree to make costs transparent

by Kay Murchie
An investigation by the Office of Fair Trading (OFT) found that consumers struggle to understand current account charges, as well as interest rates and overdraft fees. As a result, new measures from 2011 will see banks make it easier for consumers to understand their costs and charges, as well as making the switching process easier. This means it will be simpler to transfer ...

September 9, 2009

Is RBS pre-empting the Supreme Court?

by David Masters
Consumer advice sites Moneyfacts and uSwitch.com have reacted with cynicism to the Royal Bank of Scotland's (RBS) decision to lower overdraft fees. RBS and sister bank NatWest cut unauthorised overdraft fees in half to £15 earlier this week. Charges for bounced cheques were reduced from £38 to £5. The changes come ahead of a ruling by the Supreme Court which will decide whether the ...

April 15, 2009

Land Registry hikes fees to make ends meet

by Gill Montia
Land Registry hikes fees to make ends meet
A victim of the housing market downturn, the Land Registry is increasing its registration fees for properties in England and Wales. From 6th July the cost of registering an average first-time buyer property worth £100,000 will rise from £100 to £130. The fee for a home worth £150,000 is increasing from £150 to £200, while registration of a one million ...

April 7, 2009

Post Office and Nationwide cards best for international travel

by David Masters
International travellers are best to opt for the Post Office Platinum credit card, according to research by moneysupermarket.com. Debit card holders, meanwhile, are advised to choose the Nationwide FlexAccount. The price comparison website said the Post Office's card offers free purchase protection, no overseas charges, and zero percent on purchases for three months. "This is a far better prospect than other ...

February 26, 2009

Millions of pounds set to return to customers as overdraft charges case thrown out

by Kay Murchie
A ruling by the court of appeal could see millions of pounds returned to customers after the case of unauthorised overdraft charges was thrown out. The ruling follows a test case last year between the Office of Fair Trading (OFT) and eight High Street Banks with regard to charges for unauthorised borrowing and bounced ...

July 23, 2008

Mortgage fees rise 20% in a year

by Gill Montia
Mortgage fees rise 20% in a year
Research from price comparison website, mform.co.uk, shows that the arrangement fees applied to the most competitive mortgages on the market have increased by an average of 20% during the past 12 months. The average fee paid buy borrowers for a best-buy product has risen from £738.33 in August 2007 to £889.69. For three-year fixed-rate deals the rise is even steeper, with the ...