Mastercard is facing legal action over rip-off fees following action brought about by a former chief financial services ombudsman. The claim says around 46 million UK consumers paid higher prices on everything due to charges imposed on retailers by Mastercard for processing credit and debit card payments over a 16 year period – May 1992 to June 2008. The legal action was initially lodged with the Competition Appeal Tribunal in London in 2016, but it was blocked in January last year. However, the ruling was challenged and the court of appeal threw out the tribunal’s objections and ordered the competition appeal tribunal should reconsider the case.
TSB to refund all scam victims
TSB has become the first bank to promise compensation to all fraud victims unless someone has repeatedly ignored safety advice and is defrauded regularly. This exception will not apply if the bank deems the individual “a vulnerable person” or they have been targeted in different ways. The TSB fraud refund guarantee is not retrospective and only affects those who are victims of scams from April 14.