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News Tag: Consumer Focus

November 2, 2012

Basic bank account standards at risk

by Jan Harris
Basic bank account standards at risk
Consumer Focus, the statutory consumer champion, is calling for a minimum standard for basic bank accounts to be introduced, to ensure the survival of the product. Basic bank accounts are used by people who are unable to open a regular current account, perhaps because of a poor credit history. It is estimated that they are used by around 20 per cent of ...




May 2, 2012

Banks unclear over repeat payment cancellations

by Jan Harris
Banks unclear over repeat payment cancellations
Banks’ customer service advisers are unclear about how to cancel Continuous Payment Authorities (CPAs) according to Consumer Focus. Customers are also confused about cancelling CPAs according to the consumer group, even though new regulations were introduced by the Financial Services Authority in 2009 to make the process simpler. The confusion could be causing some people to go overdrawn or to pay for something ...




March 15, 2012

93% of ISAs transferred within 15 days

by Jan Harris
93% of ISAs transferred within 15 days
Many savers will be planning to transfer their cash Isa, to take advantage of new deals appearing prior to the start of the higher Isa allowance on 6 April. They will be pleased to hear that there has been a significant improvement in the time taken to complete a transfer. Isa’s often offer an introductory interest rate which can plummet after a year, ...




August 15, 2010

Research shows 1.2m taking out payday loan each year

by Kay Mitchell
”Research
According to research by watchdog Consumer Focus, the number of people taking out a payday loan has quadrupled in the last 4 years. The consumer group said 1.2 million people are now taking out a payday loan every year - borrowing more than £1 billion. Payday loans are becoming more popular and are seen as attractive - particularly to ...




June 29, 2010

Cash ISA transfers to speed up

by Kay Mitchell
”Cash
Following an investigation into Individual Savings Accounts (ISAs), savers with a cash ISA should find it quicker to switch their money to a different provider. The 90-day investigation, conducted by the Office of Fair Trading (OFT), came after Consumer Focus warned that cash ISAs are depriving savers of £3 billion in interest each year. The consumer group said savers are missing out on ...




June 23, 2010

Labour‘s Saving Gateway account axed in budget

by Kay Mitchell
”Labour‘s
A Saving Gateway scheme, aimed at encouraging low-paid workers to save, has been axed by the coalition Government. The scheme, proposed by Gordon Brown to help lower-income families, was due to be launched next month via the Post Office and would have contributed 50p for every £1 saved. It was designed to help up to eight million people on benefits and tax ...




June 10, 2010

Report reveals 1m adults do not have bank account

by Kay Mitchell
”Report
A report by the Government-backed watchdog, Consumer Focus, has found nearly a million adults in Britain do not have a bank account. The report, called “On the Margins“, comes as the Government introduces a reform of mainstream banking, and explores why these individuals do not have a basic bank account. The Focus group, which is made up of a merger ...




March 31, 2010

Consumer group calls for investigation into ISAs

by Kay Mitchell
”Consumer
Consumer Focus has warned that cash ISAs are depriving savers of £3 billion in interest each year. The consumer group has made a complaint to the Office of Fair Trading (OFT) and is calling for an investigation into Individual Savings Accounts (ISAs). ISAs, which were launched a decade ago by then Chancellor, Gordon Brown, and were introduced to encourage Brits to ...




December 2, 2009

Government unveils financial plans for the Post Office

by Kay Mitchell
”Government
The Government has outlined plans for the Post Office to become a ‘people’s bank’ by offering financial products. The proposals, led by Business Secretary Lord Peter Mandelson, will create a ‘People’s Bank’, which will see Post Office outlets as the backbone of a new national bank. According to the Government, the plans will turn the Post Office into "a leading player ...