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Alex Neill, Managing Director of Which? Home & Legal Services, said: “This is a welcome first step, but is not a cure and won’t be enough to protect people from bank transfer scams. Many people will be surprised that banks don’t already do things like check that the payee name matches the account number. “With […]
In just two weeks since Which? launched its online scams reporting tool, more than 650 people have told us about losing over £5.5 million to bank transfer scams. Which? is submitting stories from victims of scams to the Payment Systems Regulator as evidence in its super-complaint into bank transfer fraud. UK consumers now make over […]
Peter Vicary-Smith, Which? Chief Executive, said: “Access to the services necessary to make every day banking possible should be simple and straightforward. Banks can and must do a better job of working with their customers to understand their needs and those of the local community, especially when they are making changes to the services they […]
Today Which? is making the first super-complaint to the financial regulators calling on them to ensure banks better protect customers who are tricked into transferring money to a fraudster. UK consumers now make over 70 million bank transfers a month, compared to just over 100 million in a whole year a decade ago. However protections […]
Harry Rose, Which? Money Editor, said: “There are always winners and losers with base rate cuts. Borrowers are more likely to be better off after a rate cut, as lenders may offer loans and mortgages at lower rates. However, not all tracker mortgages will automatically drop, so it’s worth checking with your provider. “For savers […]
Alex Neill, Director of Policy and Campaigns, Which?, said: “The PPI scandal has been one disaster followed by another, it is the country’s biggest financial scandal with a wholly inadequate redress scheme. “If a PPI deadline is to be introduced, when millions of pounds are still being set aside for payouts, the FCA must work with […]
Which? is calling for a crackdown on unarranged overdraft charges as we find that consumers face higher charges for using an unarranged overdraft than they would if they took out a payday loan. New Which? research finds that consumers needing as little as £100 could be charged up to 12.5 times more by major high […]
Alex Neill, Which? Director of Policy and Campaigns, said: “After 18 months this inquiry achieved little more than to propose basic information measures that the big banks should have introduced years ago. Steps to stimulate switching are welcome but the chance to deliver better banking for all consumers has been missed. “The ball […]
Which? executive director, Richard Lloyd said: “This is a worrying rise in PPI complaints. Banks have got to up their game and ensure their customers’ claims are dealt with quickly, simply and fairly. “There is still a huge amount for the FCA and banks to do before anyone can draw a line under this mass […]
Which? director of campaigns Alex Neill, said: “The review is right to reject longstops and makes a number of sensible recommendations that could help to make financial advice more accessible and affordable. “It’s clear that people need more support when making important financial decisions. We look forward to the development of a pensions dashboard, which […]