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Eight in ten 'feel tricked' over foreign exchange fees

An exchange rate display in a Bureau De Change on Oxford Street, London. Credit: PA

More than eight in 10 (83%) UK consumers feel "tricked" and even "taken advantage of" by banks allegedly charging hidden fees in foreign exchange, according to research.

Some 85% of consumers underestimate or do not know the true cost of sending money abroad, according to the study, carried out for TransferWise, an international money transfer platform.

Of those surveyed, 86% believe the Government should take an active role in preventing alleged misleading pricing by the financial services sector.

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FCA chief executive Martin Wheatley to step down

FCA chief executive Martin Wheatley to step down Credit: Lewis Whyld/PA Wire/Press Association Images

The Financial Conduct Authority chief executive Martin Wheatley is to step down in September, the City watchdog announced today.

Wheatley will continue to act as an adviser to the FCA board until January 2016.

The current FCA director of supervision Tracey McDermott will step up to become acting chief executive from 12 September while the FCA searches for Wheatley’s replacement.

John Griffith-Jones, chairman of the FCA, said "Martin has done an outstanding job as chief executive, setting up and leading the FCA over the last four years."

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Inflation rate slips back to zero, figures show

Credit: PA

The inflation rate slipped back to zero last month, official figures showed today.

It comes as a round of summer sales and run of falling food prices reached its longest stretch for 15 years.

The Bank of England expects it to turn higher later this year as the effect of falling oil and food prices fades.

April was the first time the Consumer Price Index (CPI) fell below zero in more than 50 years.

Philip Gooding, from the Office for National Statistics (ONS), said: "Inflation has continued its pattern of recent months, when prices have been very little changed on the previous year.

"The headline rate for June has dropped very slightly on May, back to zero, thanks to small downwards effects from movements in clothing and food prices and air fares."

Andy Burnham: Budget shows the 'Nasty Party is back'

Labour leadership hopeful Andy Burnham has called the Institute for Fiscal Studies' verdict on the Budget as "devastating" and condemned Iain Duncan Smith's Commons celebrations.

The IFS said 13 million families will be worse off because of the freeze on working-age benefits.

The Work and Pensions Secretary was seen on camera cheering when the Chancellor announced the new National Living Wage yesterday - a celebration that Burnham said showed the "nasty party was well and truly back".

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