The latter half of 2010 witnessed a rise in the number of financial complaints to the Ombudsman. The Financial Ombudsman Service (FOS) received 15% more official grievances in the second half of the year than in the first half. Coming in at the very top of the list of annoyances was the UK’s largest bank, [...]
Posts Tagged ‘banks’
Banks Leaving Customers in Dire Poverty
UK high street banks have been accused of leaving some customers in ‘dire poverty’ after taking money out of their accounts without permission. Currently banks can move funds between different accounts belonging to the same person without giving prior notification. This practice, known as ‘setting off’, typically involves banks moving cash from a current account [...]
Are UK Banks Ripping Off Customers?
UK banks are ‘ripping off’ their customers according to Business Secretary Vince Cable. Speaking to the BBC, Mr Cable said that forcing banks to change their practices would be a key test of the coalition government. He said ‘When we talk about about restructuring the banks whats going to come out of this is a [...]
Bankrupts ‘Need Bank Accounts’
People who have been made bankrupt are being treated unfairly by UK banks and building societies. This is the opinion of Citizens Advice who claim that many banks will not allow bankrupt individuals to open even a basic account. Of 17 banks and building societies contacted by Citizens Advice only two would allow an undischarged [...]