News Tag: unfair
March 16, 2010
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 ...
Consumers to benefit from overdraft opt-out
by Kay Murchie
November 30, 2009
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 ...
Lloyds seeks to dismiss overdraft cases
by Kay Murchie
February 26, 2009
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 ...
Millions of pounds set to return to customers as overdraft charges case thrown out
by Kay Murchie
December 3, 2008
The Financial Services Authority (FSA) has warned banks and building societies not to use the small print in mortgage agreements to avoid passing on cuts in the Bank of England's base rate.
The Bank is widely expected to cut the base rate again this week, by up to 1%.
However, some lenders have included "collars" or "floors" in the terms and ...
FSA warns on “floors” in tracker rate loans
by Gill Montia
June 24, 2008
Chancellor of the Exchequer, Alistair Darling, has warned the UK's mortgage providers that they must put their house in order over arrangement fees.
The average fee paid is now over £800, up from £441 in 2005. Charges of around £1,000 are commonplace for a fixed-rate loan and some products, which carry arrangement fees based on a percentage of the loan, can ...
Chancellor threatens FSA regulation of mortgage fees
by Gill Montia