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By Justin Schamotta
Staff Writer
20 November 2009
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Money News Roundup
If you only do one thing with your money this week...
Compare 0% on purchases credit cards - last chance before Christmas.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (13 Nov 09)
A glance back at this week's personal finance news new refund rules, Brits more optimistic about economy, parents struggle without savings, credit card users slow to pay off debt and precious plastic will be for the rich, say PwC.
Money News Roundup (06 Nov 09)
A glance back at this week's personal finance news Credit card borrowing falls to new low, consumer anger at new Halifax charges, lump sums demanded for sub-prime mortgages and new Lending Code launched.
Money News Roundup (30 Oct 09)
A glance back at this week's personal finance news Halloween is pricey, say Egg, don't demonise banks says RBS chief, an investigation uncovers mistakes in credit records and a Virgin bank.
Money News Roundup (23 Oct 09)
A glance back at this week's personal finance news bailed out banks offering the worst deals, number of houses without current accounts halved, banks required to prove guilt in card fraud cases and Barclays wins PPI appeal.
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HSBC keep quiet on fee loophole, CofE: God wants you to spend less, "FSA sees lenders as drug dealers" and suing banks will be easier in this week's money news roundup.
HSBC keep quiet on fee loophole
A hidden clause in HSBC's policy allows customers penalised with more than £150 of charges in a month to request a refund, it has been revealed.
The bank's 'Fair Fees' policy caps charges at £150 and has been in existence for the past seven years - despite the fact that it fails to appear in the terms and conditions or on its website.
James Thorpe, HSBC spokesperson, said: "It's not something we are trying to hide away from. We can choose to amend it if necessary, but we have no plans to. For us, we're very happy to talk about it - nobody should ever be charged more than that, and if they have, they should get in touch with us."
CofE: God wants you to spend less
In an attempt to prevent families spending too much as they celebrate the birth of the Son of God, CofE officials are providing money saving tips to help reduce the costs of Christmas.
A video, entitled "Wishing you an affordable Christmas", sees Dr John Preston, the CofE's resources and stewardship officer, offering sound advice including comparing prices online before purchasing and using cash instead of plastic when buying on the high street.
"When we pay with pound notes we really get a good idea of how much it's costing. Whether we spend £10 or £1,000 on a credit card it's one slip and one signature, whereas with cash you really feel the difference," Preston says.
"FSA sees lenders as drug dealers"
The Council of Mortgage Lenders says it believes the FSA regards mortgage lenders and intermediaries as the "drug-dealers at the school gates", enticing "wanton children" who don't know what is good for them into mortgages and the like.
CML chairman Matthew Wyles said regulators such as the FSA are overprotecting consumers and risk creating a "moral hazard" where "consumers feel they need take little or no responsibility for their own financial decisions".
Mr Wyles' worries stem from the FSA's recent change of attitude toward mortgage consumers, namely that they will act rationally to protect their own interests
"We believe that we need to change that approach, recognise the behavioural biases of consumers and be more interventionist to help protect consumers from themselves," the FSA said in its recent report into the mortgage market.
Suing banks will be easier
New legislation will allow disgruntled consumers to join together in their quest to claim damages from misleading financial institutions.
The Financial Services Authority (FSA) will be given more power to help these new groups in demanding banks pay them compensation.
The measures are expected to be part of Labour's legislative timetable with which it will attempt to please consumers ahead of 2010 elections.
Current laws demand that claims for damages over the mis-selling of products such as mortgages, pensions or other investments vehicles, are considered on an individual basis.
It is hoped that by allowing consumers to join together, more will feel able to carry their claims forward.
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