A third enquiry into he banking industry has been shelved in a week by the City Watchdog.

The FCA launched a probe into the revelations banks, insurers and fund managers were 'bribing' financial advisors to sell their products.

Several banks received huge fines for mis-selling risky investments often to elderly and vulnerable people.

Yesterday the watchdog decided not to publish the results of it's investigation, leading to accusations of a 'cover up.'

Sounding sinister.

Vince Cable report

http://www.independent.co.uk/news/business/news/vince-cable-says-george-osborne-lacks-motivation-to-crack-down-on-banking-abuses-a6795386.html

The Competition and Markets Authority have said that banks should reduce overdraft charges but still not come down really hard on them.

http://www.bbc.co.uk/news/business-36309396

Which? are not impressed.

1 We don’t think banks always treat their customers fairly

 

2 You deserve better and banks should be publicly held to account for their customer service

 

3 We need your support to convince the regulators, government and banks to deliver better everyday banking

More here along with a new petition which already has nearly 50,000 signatures (including mine).

http://www.which.co.uk/campaigns/better-banks/?utm_campaign=banksthankyouforward&utm_medium=email&utm_source=whichcouk

http://www.consumeractiongroup.co.uk/forum/showthread.php?464652-Banks-should-cap-overdraft-fees-says-competition-watchdog&p=4901841#post4901841

Thank you andy, although I have already linked directly to the BBC article in that thread in my previous post, as it is directly pertinent to this thread, keeps everything together, and gives context to the which? link.

All these years on and still the problem of bank charges rumbles slowly on. Just goes to show the power that the banks have.

Fortunately Which? are still on the case but are still looking for support, so please take a look at their latest input and sign the petition using the link below.

https://conversation.which.co.uk/money/why-are-banks-still-failing-to-prioritise-their-customers/?utm_source=whichcouk&utm_medium=email&utm_campaign=banking211016

Good to see the FCA are looking at overdraft charges.

https://www.fca.org.uk/news/press-releases/fca-acts-improve-competition-current-account-market

Apologies if this is posted elsewhere but I've posted the link here for completeness.

Bank charges need to be heavily reduced!! People are being charged e.g £15 to pay for a transaction of i.e £2 if it takes them into overdraft or over their overdraft. Why??

Election coming up. Who's going to take Banks to task and tackle helping those who can least afford this scandal.

Bank charges need to be heavily reduced!! People are being charged e.g £15 to pay for a transaction of i.e £2 if it takes them into overdraft or over their overdraft. Why??

 

Election coming up. Who's going to take Banks to task and tackle helping those who can least afford this scandal.

I've been charged three times with natwest by going over my overdraft twice One for £54 and to other charges of £6, £6 i've complained so many times i dont ever get refunded... im always stay within my overdraft.

Lloyds are abolishing unauthorised overdraft charges http://www.bbc.co.uk/news/business-40555175

Lloyds are abolishing unauthorised overdraft charges http://www.bbc.co.uk/news/business-40555175

Not before time

So if they abolish now then they must have been unfair in the past..otherwise they would continue ?

Andy

Looks like there's pressure on the banks to stop the high charges taken for exceeding your overdraft.

In a speech in the city Mr Andrew Bailey CEO of the FCA said he plans to take action to rein in excessive fees, concerning unauthorised overdrafts. In March the competition head Mr Christopher Woolard said 'we can observe disproportionately high fees and charges. There appears to be no clear relationship between the amount borrowed by the consumers and the amount charged by the firm.' The publication of a report on the market is due in weeks.

The regulator also took aim at high-interest doorstep lending and the rent-to-own sector, where poor families are encouraged by firms such as Brighthouse to pay for items such as a fridge or tv where interest rates can be punishingly high. Customers end up paying far more than those with the cash to buy goods outright.