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PPI claim: UK banks 'overcharge consumers' £430 a year

UK banks overcharge consumers over £400 a year as they try to claw back profits, it has been claimed.

Edward Mayo, secretary general of trade body Co-operatives UK and Mick McAteer of think-tank the Financial Inclusion Centre, have compiled the 'consumer detriment' report.

The study outlines how much consumers would gain if all banks were 'fair' and reduced charges profiteering strategies, reports

Britons lose an estimated £11.2 billion a year from these practices - or a loss of £430 per household.

Mr Mayo told the website: "Some banks are profiteering to recoup losses. They operate in the interests of shareholders."

Excessively high fees such as unauthorised overdrafts charges account for around £3.2 billion of the total figure.

According to the report, the biggest contributor to the overall loss is the lack of competition and diversity in the market, which costs consumers £8 billion a year.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management. ADNFCR-2776-ID-800000042-ADNFCR

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