Champions of consumer rights Which? have recently launched a campaign to highlight unfair fees and hidden costs which have blighted the financial world for many years. In their Stop Sneaky Fees and Charges campaign, they’ve called out the following practices for scrutiny;
- Insurance Administration Fees
- Bank Overdraft Charges
- Credit Card Balance Transfer Deals
- Default Fees
- Mortgage Set-up Fees
1. We want companies to take action:
- Don’t hide the full cost from customers: fees that are part of the total cost of a product should be prominently and clearly displayed.
- Stop making it hard to compare prices: it should be easy to work out the best deal, taking all fees and charges into account.
- Stop stinging customers with rip off additional charges: extra compulsory fees after you’ve purchased a product should be cost-reflective.