Which? asks the Government where is consumer bailout?

| November 18, 2008 | 0 Comments

Following the Government’s announcement last month that billions of pounds of taxpayers’ money will be pumped into the UK’s struggling banks, consumer group, Which? says now is the time for banks to help out consumers.

The group, which has introduced a new campaign to reform banking, said the Government must ensure that the banks are putting consumers at the heart of their business.

It is also calling for an independent review of retail banking to implement reforms that will put consumers’ interests at the heart of the industry.

According to Peter Vicary-Smith, chief executive of Which?, now banks have received their bailout, it is time for them to deal sympathetically and fairly with the plight of ordinary consumers.

In a survey conducted last month of 1001 respondents, Which? found that 81% think that an overhaul of the banking system is required to avoid a repeat of the current financial crisis.

Meanwhile, 67% of respondents believe the banks are responsible for the crisis with 73% saying they have been exposed to ‘irresponsible lending’.

Which? has written to Chancellor Alistair Darling demanding that the Government takes the necessary steps to help anxious consumers, one of them being forcing banks that have received taxpayers’ money to pass on the interest rate cuts.

Mr Vicary-Smith concludes by saying that long-term, consumer-focused changes should be made within the banking industry, while in the short-term, consumers want to be treated fairly.

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