Banks 'taking £430 a year from Brits'

Wednesday, July 7 2010

Britons are losing out on approximately £430 a year due to excessive charges being made by "profiteering" banks.

The Daily Mail, reporting on a study by Co-operatives UK, says some £30 million a day is lost by consumers who are at the sharp end of "ruthless tactics" by financial institutions.

An estimate of an £11.2 billion annual bill over the nation is said to be "relatively conservative" by the organisation.

Ed Mayo, secretary general at Co-operatives UK, says: "Some banks are profiteering to recoup losses. They operate in the interests of shareholders."

The research is the first time experts have calculated how much British households are losing out on as a result of banks being unfair.

It also claims millions of families are making the unjustified payments, which could be making it harder to pay bills and buy essential items.

One group of people such regulations will not be affecting is the one million Brits who do not even have a bank account, according to recent research by Consumer Focus.