‘THE financial services sector raked in more than £550 million last year from penalty fees and charges, researchers today revealed.

New figures show that one in five people paid charges on financial products during 2005, shelling out an average of £70.70 each.

Within this total, 22 per cent were forced to hand over more than £100 after falling foul of the terms and conditions of products, according to the research by financial information group Defaqto and product comparison website MoneyExpert.com.’

Read more at Lenders cash in on late credit card payments and overdraft breaches

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