Liberal Democrats in Business

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OFT Must Act on Bank Charges - Cable

9.28.21am BST (GMT +0100) Fri 9th Sep 2005

Commenting on research released by Egg today that shows that the phenomenal rise of debit card and direct debit usage has led to widespread consumer confusion, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "This research shows the enormous complexity of hidden bank charges, for example, the costs of going over an overdraft limit.

"These charges mean that few people are able to manage their accounts and plan their finances rationally. A simple and transparent system of charging must be introduced.

"The OFT should address this issue having recently completed research on the complex and opaque system of credit card charges."

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[Previous news story]: Chancellor Must Keep Eye on Bigger Picture - Cable (Fri 9th Sep 2005).
[Next news story]: Government Must Act Over Biofuels - Lamb (Tue 13th Sep 2005).

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