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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 […]
Vickie Sheriff, Which? Director of Campaigns and Communications, said: “Which? has long highlighted the fact that punitive unarranged overdraft fees can be more expensive than some payday loans. The Financial Conduct Authority must now use this review to tackle these high charges, which are often faced by the most vulnerable customers.” Background In July […]
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 […]
Vickie Sheriff, Which? Director of Campaigns and Communications, said: “Pension scams are a worrying problem and are costing savers millions of pounds. Should the Chancellor announce plans to crackdown on pensions cold calling it would be a victory against criminals who will always find ways to try to target even the savviest people. “No legitimate […]
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 […]
New Which? research finds that high charges and hidden costs are eroding pension pots by as much as a third of their value. At a time when auto-enrolment means many people are becoming pension investors for the first time, Which? has found expensive fund charges and hidden costs that are not being disclosed by pension […]
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 […]
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 […]