Desperate customers being shunned by banks

It has been claimed in a recent report that many banks in the UK are turning away many desperate customers who are in need of help with their finances. Read more

Tags: advice agency, United Kingdom, position, debt advice agency, previous year, Financial Ombudsman Service

Banks need to do more to help struggling customers

It has been claimed by the Financial Ombudsman Service that banks in the UK need to take more action to help consumers that are in dire straits with their finances and who need help to keep them afloat financially. Read more

Tags: financial assistance, overdraft, Financial Services Authority, Financial Ombudsman Service, customer, debt management, turned away, bank

No need to take complaints to FOS through claims handling firms

Officials from the Financial Ombudsman Service have recently reiterated that there is no need for consumers to enlist the help of claims handling firms in order to take a complaint to the FOS. Read more

Tags: finance claims, Financial Ombudsman Service, Ministry of Justice, Citizen's Advice Bureau, personal finance

Millions not claiming unfair charges

Millions of people who have been stung by unfair bank charges are yet to claim their money back.

That is according to Which? after it carried out research that found almost two thirds of people have not even tried to get their hands on the money which is rightfully theirs.

Which? asked 2,200 consumers if they had attempted to claim the money back and many said they had not, however, of those who did, a massive 85 per cent said that they were successful.

The consumer champion reckons that this figure would be closer to 100 per cent if people were more persistent after initially being denied a reimbursement by their bank.

“Claiming back unfair bank charges is a simple process that won’t take up hours of your time,” claimed Emma Bandey, personal finance campaigner for Which?

“If your bank does not co-operate, you should refer the case to the Financial Ombudsman Service (FOS) as so far the banks have chosen to settle all cases referred to FOS.”

The most popular reason for not claiming back the charges is fear of what the bank’s reaction may be.

Many consumers are concerned that their bank may close their account and demand full repayment of any overdraft or loan.

A large number of those who have claimed their money back have not been pleased with their bank’s attitude.

In total, 25 per cent of those asked said that their bank was unhelpful and unresponsive with many having to chase them for a response.

Tags: consumer, Financial Services Authority, Financial Ombudsman Service, response, loan, money back.That, overdraft, unfair bank charges