Bank rip-off exposed in EU survey

BANK customers are being ripped off by a combination of complex pricing, hidden charges and inappropriate advice, according to a major EU report.

The problem is so bad that even experts carrying out a survey for the European Commission could not understand the real cost of accounts in nearly 150 of the 224 banks surveyed.

When it comes to selling financial products, such as savings and pension schemes, almost three-quarters of bank staff surveyed admitted their advice was based on the size of the commission rather than what would be best for the client, the report finds.