OFT must act on bank charges - Cable
September 9, 2005 10:34 PM
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 sstem of credit card charges."
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