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News 31 July 2007

Bank charge refunds may have topped 1 billion

The Guardian estimates that banks may already in 2007 have refunded their customers one billion pounds of penalty charges. The newspaper estimates this by extrapolating from HSBC's admission that they have paid out 120 million in refunds in just 6 months.

No wonder the banks, the Financial Ombudsman and the Financial Services Authority (FSA) are panicking and trying to put everything on hold!!

See article in Guardian Unlimited

and Banker of the Week award to HSBC chief executive Dyfrig John

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Published and promoted by Bob Egerton, TR2 4RS