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News Tag: unfair

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 ...

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 ...

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 ...

December 3, 2008

FSA warns on “floors” in tracker rate loans

by Gill Montia
FSA warns on
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 ...

June 24, 2008

Chancellor threatens FSA regulation of mortgage fees

by Gill Montia
Chancellor threatens FSA regulation of mortgage fees
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 ...