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With just over a year and a half left to claim for mis-sold payment protection insurance (PPI), Which? is urging consumers to use its free tool to recoup some of the £38 billion they may be owed by the banks. As the total amount set aside by the big five banks – Lloyds, HSBC, RBS, […]
Gareth Shaw, Which? money expert, said: “Although the banking industry has started to raise awareness of fraud, banks are still placing too much responsibility on consumers to spot and protect themselves from sophisticated online scams. “We’ve heard from many people who have lost life-changing amounts of money through bank transfer fraud, but who have seen little […]
Vickie Sheriff, Which? Director of Campaigns and Communications, said: “Which? has repeatedly found that people with a financial shortfall can be charged much more by the big high street banks for using an unarranged overdraft than they would by a payday loan company. The Financial Conduct Authority must use its review of high-cost short-term credit […]
According to the latest annual Which? banking customer satisfaction survey, the majority of banks still need to do away with hidden charges and penalties. Which? asked current account customers to rate almost 5,000 accounts for a variety of aspects of day-to-day banking, including: how banks dealt with complaints, how clear charges and penalty fees are, […]
Alex Neill, Managing Director of Which? Home & Legal Services, said: “The regulator has finally acknowledged the considerable consumer harm caused by bank transfer scams. However, while recognising that the industry is not doing enough, it has failed to adequately address the issue of liability and has let the banks off the hook, giving them […]
Which? research finds that high street banks have closed more than 1,000 branches across the UK in the past two years as customers go online and banking services are offered at Post Offices. As the Griggs report finds that banks could do more to support local communities when they shut branches, new Which? research […]
New Which? research finds that major high street banks have failed to adopt two-factor security steps that could safeguard their customers from scams. Bank fraud is booming. In 2014-2015 losses soared by 64% to £133.5m for online banking and 28% to £323.3m for phone banking yet some of the major high street banks are failing […]
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 […]
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 […]
Alex Neill, Which? Director of Policy and Campaigns, said: “The huge number of PPI complaints still going to the ombudsman is yet more evidence that the systems the regulator and banks have put in place have not worked. Too many people have been driven to use claims management companies (CMC’s) that are taking a large […]