Nearly 25,000 consumers have backed the Stop Sneaky Fees and Charges campaign led by consumer rights group Which?
Their campaign condemns the lack of transparency in financial services and argues that companies should make it easy for consumers to compare costs. Thousands of people have signed up to support them.
On top of this, Which? also published a report this week, revealing how the consumer credit industry lacks "transparency, fairness and clarity."
It's an awesome project and it's great to see them calling out companies who falsely claim to offer 0% deals for financial services. Which? says that “fees that are part of the total cost of a product should be prominently and clearly displayed.” It also says, “consumers are fed up of being hit by complex and costly charges."
We couldn’t agree more. Hidden charges are a massive problem in international money transfer, too, so we’re thrilled to see how much support their campaign has received. We recently launched our own campaign to end hidden fees in international money transfer. We published pricing research that shows how banks and brokers hide big charges in the exchange rate mark-up.
On top of this, we created a board of shame to expose the misleading claims that they make. Take a look at their misleading claims, below.