More Compensation Claims to Hit UK Banks

All UK banks have to brace themselves yet again for another batch of compensation claims, but this time it is in regards to them mis-selling to their customers expensive to maintain, and often unneeded fee charging packaged bank accounts that in most cases were totally unsuitable for their clients.

Having had to set aside billions of Pounds already over the last few years for other mis-selling scandals this is recent development is something no share holder in any UK bank wants to discover.

However, as a Binary Options trader it is something you do need to be fully aware of, for when the scale of the potential compensation claims are known it could see the share value of each bank drop.

The actual scale of the potential compensation liabilities that UK banks are likely to have to pay out to their customers over this new mis-selling scandal is not going to be as huge as for example the PPI mis-selling as many industry commentators predict that the total liabilities will be around the £825 mark.

Currently more and more bank customers are filing complaints with the Financial Ombudsman Service in the belief that that have been advised to open up one of these fee charging accounts which was and is completely unsuitable to them.

Figures obtained have shown that only around one in ten of the people who do make an official complaint with the Financial Ombudsman Service have their complaints upheld and are then awarded compensation.

However, the number of people who do file complaints is expected to rise once this mis-selling of expensive and fee charging accounts becomes public knowledge. As such it is expected that the 200 or so complaint lodged each day will increase several fold in the coming weeks and months.

If you are interested in placing Binary Options trades on any UK or for that matter worldwide banking institutions then be aware that all of our featured Binary Options Brokers have plenty of trading opportunities available.

But please do tread carefully when placing your Binary Options trades on that market sector as history has proven it to be a very volatile market sector, but one that does give traders the opportunity of making some very large trading profits. You will also find both online and mobile trading platforms are available at our featured and showcased Brokers, allowing you to place your trades instantly and from anywhere.