Banks should respond to OFT - Goldsworthy
May 19, 2006 12:00 AM
Julia Goldsworthy MP, Liberal Democrat Shadow Chief Secretary, has written to several UK banks concerned that they have failed to respond to the OFT statement on unfair bank charges.
The OFT announced on 5th April that it considered credit card default fees had been set at too high a level and set a threshold for intervention on credit card default fees for the banks. The OFT said that these principles also apply to default charges in other consumer contracts such as those for bank overdrafts, store cards and mortgages.
Commenting, Ms Goldsworthy said "The rules surrounding bank charges are obscure and lacking transparency. Many of the current charges are clearly disproportionate to the amount that it actually costs banks.
"Banks will find it difficult to justify these high charges because they are unrelated to their cost.
"This is another example of banks profiteering from those who can afford it least."
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