Thursday, March 29, 2007

Disproportionate Bank Charges: Have your say...

I'm not usually one for petitions, but in this case, I think i'll make an exception.

We the undersigned petition the Prime Minister to bring in new legislation to prevent the current abuse by banks and companies in relation to Penalty charges.


In other news, the OFT today announced a review into these charges.

John Fingleton, OFT Chief Executive said: 'The UK retail banking market performs well in many dimensions, especially relative to international norms. However, the issue of bank current account charges is a matter of real concern to the banks' customers, and raises wider questions about competition and transparency of pricing. The initial scoping work we have undertaken has demonstrated to us that this is not only an issue for those people who are being charged, but also for customers who are not defaulting on their bank accounts.

'A quick-fix solution is not the answer as this might be of limited long-term benefit and could have unintended and far-reaching consequences across the whole sector and on consumers as a whole. We will look forward to co-operation from the banking sector in reaching a conclusion to this matter which is satisfactory to consumers and which will strengthen competition, efficiency and customer outcomes in the UK retail banking sector.'

For more on reclaiming your bank charges, please take a look at

No comments: