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Consumer Panel urges action to make bank charges fair – despite technical Court Judgement
25 November 2009
The Consumer Panel is disappointed that the Supreme Court bank charges judgement has today ruled against the OFT on the point of whether or not these charges can be considered fair or not under the Unfair Contract Terms.
However, it remains the case that there is no justification for such high unauthorised overdraft charges hitting consumers when they are most vulnerable.
The Consumer Panel is calling on the banks to get round the table with the OFT and FSA and consumer groups to agree a fair solution going forwards.
Adam Phillips, Chairman of the Financial Services Consumer Panel said:
"Consumers have been left in the lurch with complaints about bank charges for long enough. If banks are serious about treating customers fairly, they should realise that it’s not fair to fund their retail banking operations through charging high rates to one section of their customers.
"The OFT and FSA and banks must now engage in discussions to get a clear resolution and fair charges for bank customers. The Consumer Panel stands ready to participate in any discussions to ensure the consumer voice is represented effectively and to get fair treatment for consumers."
25 November 2009
The Consumer Panel is disappointed that the Supreme Court bank charges judgement has today ruled against the OFT on the point of whether or not these charges can be considered fair or not under the Unfair Contract Terms.However, it remains the case that there is no justification for such high unauthorised overdraft charges hitting consumers when they are most vulnerable.
The Consumer Panel is calling on the banks to get round the table with the OFT and FSA and consumer groups to agree a fair solution going forwards.
Adam Phillips, Chairman of the Financial Services Consumer Panel said:
"Consumers have been left in the lurch with complaints about bank charges for long enough. If banks are serious about treating customers fairly, they should realise that it’s not fair to fund their retail banking operations through charging high rates to one section of their customers.
"The OFT and FSA and banks must now engage in discussions to get a clear resolution and fair charges for bank customers. The Consumer Panel stands ready to participate in any discussions to ensure the consumer voice is represented effectively and to get fair treatment for consumers."
