News Of The World Report

[bs58]

I enjoyed reading the very interesting report in the News Of The World this morning. Seemingly the OFT are about to apply the same ruling to banks re their charges as they did with credit cards. The OFT will declare the punitive fees fleeced from unfortunate customers are "unlawful" and "excessive". And greedy banks will be told to refund what thay have overcharged in the past six years - which could add up to an astonishing £10 Billion......

 

A spokesmann for the OFT, which last year told credit card companies their charges were too high, revealed to the News of the World: "The same principle will apply to Banks. We think it is unlawful for them to make money from these charges. We also believe it is a breach of the banking code to close the accounts of people who get their charges repaid"

 

The OFT report will be the first official confirmation that the banks have been acting unlawfully. It also goes on to say that - After the report, banks will have to refund the full amount overcharged. But it is unlikely they will do so automatically. Customers will need to write and ask for their money back.

 

Unfortunately there was no mention of CAG in there

 

Brian

[121o121]

Hi Brian

 

Haven't got the paper yet, but found it on their website....

 

News Of the World - Online Edition

[Beserker]

I notice Mr. Angry (it is the NotW after all ) also has a piece on Bank Charges. You can e-mail him your comments and (as I did) mention the website, as well as put the point about the OFT's £12.50 ruling.

[Rayne]

Amicus reaction to HSBC profit announcement LONDON, UNITED KINGDOM--(CCNMatthews - March 5, 2007) -

 

Attention: news, industrial, business and financial services correspondents

 

John Nolan, Amicus Official says: "GBP 11.5 billion in profits and HSBC reward their staff with the lowest pay settlement in the banking sector. It is outrageous that an organisation which reports these profits insists on a below inflation pay rise. Amicus would expect the bank to recognise the hard work of staff, not simply reward their shareholders. The pay deal for staff this year simply does not reflect the increase in the bank profits. We urge the bank to work with Amicus on a full pay review to bring our members up to a level that reflects fair pay within the finance sector.