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Bank charges and other hidden expenses 'cost average person £430 annually'

Consumers are being "ripped off" by an average of £430 every year due to bank charges and other expenses from financial services companies, a Labour Party report has found.

The study predicted that Brits miss out on a total of £11 billion every year due to hidden bank charges, a lack of competition, misselling and other practices.

For every £1 that a person is aware they lose because they are "ripped off", around £3 is also lost through other hidden costs, the report found.

The Office of Fair Trading had previously revealed that in 2006, banks made £8.3 billion in revenue from current accounts.

Net interest income from debit or credit balances accounted for £4.6 billion of this, while bank charges associated with insufficient funds made up a further £2.6 billion, representing more than 85 per cent of this revenue.

"We need to change the rules of the game to stop people getting a raw deal, restore trust and back responsible businesses," shadow business secretary Chukka Umunna MP said.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-801467719-ADNFCR

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