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Barclays backs down on cash machine fees

Barclays has backed down in the face of massive opposition from competitors and consumers over its plans to charge fees to non-members using its cash machines.

In recent weeks the debate over whether or not consumers should face charges for using cash machines has intensified. NatWest and Abbey National announced last week they were dropping fees, and last night HSBC and Lloyds TSB followed suit.

This left only Barclays amongst the major high street banks insisting it was still going to levy fees.

The larger debate over cash machine fees has been ongoing for a year now. Banks originally stated they planned to charge £1 to customers using their own banks&#39 machines and an additional £1 to customers using other banks&#39 machines.

The resulting outrage has led to the banks abandoning these plans, and last night&#39s developments were the last stage in this retreat.

Nationwide Building Society has been one of the leading champions in the anti-fee crusade. Its chief executive Brian Davis says: “It is a big U-turn and we have to be very pleased. They need never have started this in the first place. They will now make less money than if they had left things as they were. It has collapsed around their ears.”


FSA calling on employers to push pension

Employers will have to take an active part in promoting stakeholderpensions if they are to be successful, claims the FSA.But the pension industry is warning that some employers will be wary ofinvolvement, fearing they may be left to shoulder the blame of anymisselling or misbuying scandal.As a result, providers expect many employers to seek advice […]

M&E setting up loans network to train IFAs

M&E Network is setting up a mortgage network to help advisers meet lenderstandards under the new regulatory regime.Independent Mortgage Advice hopes to sign up 1,000 intermediaries by theend of the first year in addition to the 1,000 IFAs which are already M&Eand Interdependence members.The network will provide the compliance training lenders are likely todemand from […]

Abbey National announces plans to offer franchises

Abbey National is taking the bold step of offering managers the opportunity to become franchisees of their own branch. The unprecedented move in the UK&#39s banking sector is a response by the former building society to increased competition of telephone and internet banking. Abbey divides its 780 branches into 160 local markets. It plans to […]

Independent View

I have been suffering from an enforced absence from the office due to theunwarranted attentions of a man with a knife. A surgeon to be precise.Being confined to the house for a few weeks gives plenty of time forcontemplation and tends to allow the mind to focus on both the future andthe past.What it also […]

Global energy: positioning for a recovery in the oil price Š

Richard Hulf explains how he and John Dodd have positioned the Artemis Global Energy Fund and where they are finding opportunities. Richard explains how he and John are changing the complexion of the fund to focus on the most efficient oil producers. As he tells journalist Alexis Xydias, in this environment of lower prices, he […]


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