Coalition Government to crackdown on unfair bank charges

| May 20, 2010 | 0 Comments

The new coalition Government is to introduce measures that will see an end to “unfair” bank charges, as well as excessive interest rates on credit cards.

The measures, part of new policies that are being introduced by the Con-Lib Government, comes after a legal battle between the banks and the Office of Fair Trading, which saw the Supreme Court rule in favour of the banks over the fairness of charges and other fees.

Prime Minister, David Cameron, said: “The government believes that action is needed to protect consumers, particularly the most vulnerable, and to promote greater competition across the economy.”

Consumer groups have welcomed the proposals.

In addition, the Government has pledged to give homeowners more protection against “aggressive” bailiffs and is set to ensure that repossession is always a “last resort”.

In the meantime, it has reiterated its plan to reform the banking sector and has proposed to introduce a tax on banks in order to tackle “unacceptable” bank bonuses.

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