Nice Loans.co.uk > News > BBA slams Uswitch report
A recent report by Uswitch is criticised by the BBA as being fundamentally flawed and dangerous.
The report on some research carried out by Uswitch aimed to highlight the volume of overdraft charges repaid by banks to customers over the last 6 years.
The website carried out an online survey and then, according to the BBA, made false suppositions and invalid extrapolations.
In it's repost to the research the BBA says that Uswitch claims there are twice as many overdraft fee payers as there are actual overdrafts.
It also says that Uswitch has misunderstood the way in which Banks are required to report material cases and this misunderstanding has found it's way into Uswitch concluding figures.
The BBA also claims that the online survey is not representative of the general banking consumer base and that Uswitch has a vested interest, being that it acts as an intermediary between customers and finance businesses proving banking services, loans, credit cards and mortgages. Reading the Uswitch report, which set out to shed light on the fact that bank charge repayment claims are now frozen by the Banks (even though they have set cash aside) until a test case is held in January 2009, it does seem full of figures and statistics which have been pulled together from a number of different sources which may not be entirely consistent with each other. In fact it is not the Banks that have independently decided to freeze claims, the Financial Services Authority (FSA) actaully gave them this option.
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