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Tories label bank charges as unfair

July 22, 2012

banking

It seems pressure is increasing to overhaul bank charges throughout the UK, and the latest group to brand the charges as ‘unfair’ is actually the Tory party!

This call by a major political party came in a white paper on the subject of banking reform, not only criticised bank charges, but also stated they would force credit card, overdraft and mortgage charges to be clearly visible to bank customers.

According to the Tory’s, “There have been numerous examples of unfair treatment of consumers – the mis-selling of payment protection insurance and unfair bank charges.”

Alan O’Sullivan, banking and credit card correspondent at This is Money commented: “The fact that a major political party has come out and branded bank charges unfair should be celebrated although, given the legal case on charges is now in its latter stages, they could have stepped in sooner.”

As the legal row over the legality of bank charges for unauthorised overdrafts hit the House of Lords last month, the additional pressure from a mainstream political party will hopefully provide a boost to the calls by consumer groups who had hoped the banks would accept the appeal court’s original ruling.

As the chief executive of Which?, Peter Vicary-Smith, said to the Guardian last month: “It is disappointing that nearly two years since this saga began, little has changed for the millions of consumers being hit with these charges.”

He added: “If you’re struggling with basic living costs such as rent and utility bills then you may be eligible to get your claim fast-tracked under the terms of the waiver. The FSA must take action against any bank ignoring the financial plight of its customers.”

Now if only the government would listen and lodge their support too.

Growl.

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