Jump to main content of pageaccessibility informationSitemap
26 Apr 2024
Compare Mortgages Compare Life Insurance Compare Remortgages

News

Moneyfacts comments on Office of Fair Trading's investigation into the charges banks impose on their customers.

Andrew Hagger, head of news and press at Moneyfacts.co.uk comments:

“Whilst the news that the findings of this long overdue OFT study won’t be published until the end of the year is disappointing, an in-depth investigation will hopefully avoid the situation that credit card consumers have endured following the imposition of a £12 cap.

 Those customers who run their accounts within agreed parameters are now subsidising those who either abuse their agreed credit facilities or fail to make the required monthly repayments.

“The talk of paying for your current account is understandably greeted with cries of horror, especially as we’re used to receiving it for free.

“What does the end of free banking mean? I’m sure many people assume that it may cost £10 per month and receiving nothing extra in return. The banks can’t expect to charge a monthly fee on one hand and pay their customers a paltry 0.1% credit interest and hammer them with charges on the other.

“If the monthly charge was a nominal £3 - £5 per month and in return you received a choice of competitively priced products, fair and transparent charges and exceptional levels of customer service, then there may be slightly less resistance to paying for your banking service – but what are the chances of this happening?

“Whilst comparison sites do their best to help customers select the right product for their circumstances, perhaps the introduction of transparent (jargon free) standard rates and a charging tariff should be introduced in a similar way to the summary box on credit card literature.

“Only when institutions are forced to supply the same level of detail of rates/fees/charges information in a standard and simple to understand format, will the consumer be able to compare providers and make an informed choice.”

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349

Remortgages | Mortgage Repayment Guide Remortgage Guide | Life Insurance | Mortgage Protection Life Insurance | Decreasing Term Life Insurance | Accident Sickness Unemployment | Accident Sickness Unemployment Cover | Builds and contents quote | Conveyancing Online | Btl Mortgage | Mortgage Rates | Mortgage Advice Cambridge | Mortgage Advice London | Mortgage Advice Norwich | Site Map