UK household’s ‘ripped off’ by £430 a year by financial service companies

Published on 22/09/2012 01:41

Every UK household is being ripped off to the tune of £430 a year by banks, insurance firms and other financial service companies, according to a report.

The study, commissioned by the Labour Party, estimated the annual cost of mis-selling, hidden charges and a lack of competition at £11 billion.

Ed Mayo, former head of the National Consumer Council, said: “In the financial services sector, drawing together estimates where they exist – on mis-selling, hidden charges and lack of competition – I have estimated the annual consumer detriment in financial services to stand at around £11bn per annum.”