MPs to look at banking industry
by Elaine Frei
A Treasury select committee of members of parliament will look into the state of the UK banking industry as more and more customers are complaining about fees they are charged for overdrafts and are asking for what they consider to be excessive fees back from their banks. The investigation will look at written evidence before they convene public hearings on the issue.
While the committee has not yet said exactly what aspects of the industry it will target in its investigation, the inquiry comes at a time when some in the banking industry are questioning the future of free banking amid the recent announcement of large profits last year.
In addition to the committee’s inquiry, the Office of Fair Trading will likely announce soon its decision on whether or not to look into the issue of overdraft fees. There has been speculation that the OFT will recommend that banks put a ceiling on charges similar to the £12 cap on charges for late credit card payments.
The new Treasury investigation comes seven years after the Cruickshank investigation into banks’ profits.
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