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 [...]
With the deadline for student finance looming, new research from Which? University reveals that undergraduate students find managing finances as stressful as exams. A survey of over 2000 undergraduate students at UK universities shows that one in seven (15%) rank managing finances as the most stressful aspect of their university experience, alongside exams (15%) and [...]
Banks are still leaving customers exposed when it comes to bank transfer scams, five months after the Payment Systems Regulator (PSR) found evidence that they could be doing more. According to research by Which?, people are still losing money and the consumer group warns it has not yet seen enough evidence that the industry is [...]
As the Chancellor prepares to deliver his first Budget, new research from Which? has found that nearly five million working people in the UK are worried about their financial situation. Overall, 28% of all UK households said they were experiencing some form of financial distress, be it relying more on overdrafts and loans or struggling [...]
Which? is calling for the regulator to act on unarranged overdraft fees after new research finds charges from big high street banks could cost up to 180% of the amount borrowed. Which? research finds that consumers needing as little as £100 could be charged up to £156 more by some major high street banks than [...]
Vickie Sheriff, Which? Director of Campaigns and Communications, said: “Which? research has shown that punitive unarranged overdraft fees can be more expensive than some payday loans, and today’s announcement simply allows banks to continue to set their own level of exorbitant fees. The Financial Conduct Authority must now use its review of high-cost short-term credit [...]
Alex Neill, Which? Managing Director of Home and Legal Services, said: “Today’s figures are yet more evidence of the widespread impact of scams and fraud. “We’ve heard from people who have lost life changing sums of money to ever-more sophisticated scammers, and its clear that the Government, regulators and businesses need to do much more [...]
With returns on cash at all time record lows and more people considering investing in stocks and shares, new Which? research reveals the majority of the public aren’t aware of the safeguards in place should the worst happen to their investments. The collapse of a financial firm is every investor’s worst nightmare, yet Which? has [...]
As the deadline for submitting online tax returns looms, new Which? research reveals one in five people (19%) think they’ve lost out because they’ve made a mistake on their tax return, or haven’t understood the document. Last year, more than 10 million tax returns were submitted to HM Revenue and Customs (HMRC), but when Which? [...]
As more retirees consider self-invested personal pensions (Sipps), which offer a pension with wide investment choice and the flexibility to take income, new Which? research finds charges can vary hugely and cost retirees thousands of pounds. In the wake of pension freedoms, Sipps are shifting toward the mainstream and are used by more savers who [...]