Libdem Mp's Support consumer action group's

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NEWS

 

Banks should respond to OFT - Goldsworthy

19 May 2006

 

 

Julia Goldsworthy MP, Liberal Democrat Shadow Chief Secretary, has written to several UK banks concerned that they have failed to respond to the OFT statement on unfair bank charges.

The OFT announced on 5th April that it considered credit card default fees had been set at too high a level and set a threshold for intervention on credit card default fees for the banks. The OFT said that these principles also apply to default charges in other consumer contracts such as those for bank overdrafts, store cards and mortgages.

Commenting, Ms Goldsworthy said:

“The rules surrounding bank charges are obscure and lacking transparency. Many of the current charges are clearly disproportionate to the amount that it actually costs banks.

“Banks will find it difficult to justify these high charges because they are unrelated to their cost.

“This is another example of banks profiteering from those who can afford it least.”

 

 

 

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You see, us Julias' are jolly nice people

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ECONOMY NEWS

 

OFT bank charges investigations welcome - Cable

26 April 2007

 

 

Commenting on the Office of Fair Trading's (OFT) announcement today that it will start a formal investigation into bank charges, Liberal Democrat Shadow Chancellor, Vince Cable MP said:

 

"I strongly support the OFT's sophisticated move to call the banks' bluff on the provision of so-called 'free' banking.

 

"There is far too little transparency in the charges banks levy and customers are losing out as a result.

 

"There is great concern that when banks are forced to stop illegal charges they will find other ways to abuse their position and take advantage of their customers.

 

"With soaring profits seemingly unrelated to the standard of customer service, whether it be overdraft charges or cheque clearing times, it is essential that this investigation forces transparency into the market.

 

"The banks must not be allowed to continue to abuse their position."