OFT'S Investigation Must End Excessive and IllegalBank Charges

April 26, 2007 3:37 PM

Commenting on the Office of Fair Trading's (OFT) announcement today that it will start a formal investigation into bank charges, Jenny Willott MP said:

"I support the Office of Fair Trading's decision to call the banks' bluff on the provision of so-called 'free' banking.

"It appears that those worst affected by banks' charges are often low income customers.

"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."

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