Liberal Democrats in Business
News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum
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Liberal Democrats in Business News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum |
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| Savour Words - National Poetry Day | <info@libdemsinbusiness.org.uk> |
OFT bank charges investigations welcome - Cable12.00.00am BST (GMT +0100) Thu 26th Apr 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."
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[ Related News Stories:Tue 16th Jan 2007: [Many bank charges illegal - Taylor] Fri 9th Sep 2005: [OFT Must Act on Bank Charges - Cable] Tue 26th Jul 2005: [OFT Must Clamp Down on Anticompetitive Behaviour by Credit Card Companies - Cable] Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB. The views expressed are those of the party, not of the service provider. |
