Have I Been mis-sold? - Packaged Bank Accounts
Packaged Bank Accounts (PBAs) are highly profitable for banks, as they generate a passive revenue from numerous fees that mount up year after year. For about 30 years, it has been standard practice for banks to offer PBAs. In the more recent past, to remain competitive and profitable, banks marketed PBAs to new and existing customers as a means to stay at the forefront while greatly increasing their margins. Eventually, however, the banks faced a harsh public backlash. After
Are Claimants Getting Shortchanged?
Elis Gomer of barristers' chambers St John's Buildings, as quoted by a City A.M. report. “Consumers could be forgiven for asking whose side the FCA is on.” According to the barristers’ allegations, the guidance set out by the Financial Conduct Authority (FCA) on Payment Protection Insurance (PPI) payouts essentially undervalues the claims. “These figures reveal that the UK public are being misled by the banks, with potential compensation on average four times the amount sugge
Car Insurance Premiums Set to Soar by the End of 2018
Drivers are already paying an average £827 for their car insurance but prices are set to reach their most expensive levels by the end of 2018. In fact, insurance prices are set to reach £900 by the end of this year, according to Confused.com. The comparison site found that insurance prices have increased 8% since the end of 2016, adding £60 to the average premium. In December 2017, premiums rose £3 while drivers were also on the receiving end of a 0.5p petrol and 0.7p diesel
Are You Making One of these Costly Driving Mistakes?
Millions of motorists are risking their cover by making daft errors, from picking the wrong footwear to forgetting to lock the vehicle. A survey from price comparison site uSwitch has revealed some of the silly mistakes motorists are making, which risk invalidating their car insurance. During July the firm quizzed drivers on some of their habits behind the wheel, revealing a number of unnecessary risks being taken. Indeed, the firm believes that as many as two-thirds of drive
All-Time High for Car Insurance Claim Costs
The average cost of a motor insurance claim has risen to the highest level on record, according to the Association of British Insurers (ABI). Its latest motor insurance claim statistics for 2017 revealed that the total amount paid out on all motor claims stood at £8.1bn. While this figure remained broadly unchanged from 2016, the ABI said that the average claim, at £2,936, was the highest on record. An increase in the cost of theft claims and vehicle repairs contributed to th
