Treasury Report on Bank Charges
I just found this on the www.penaltycharges.co.uk website. Those guys really seem to have helped get things moving on this. Let’s hope Santa brings them some great pressies. They deserve it.
Treasury First Report 14/12/2006
“Transaction/penalty charges are not always clear to the card holder; all relevant charges should be expressed in the Summary Box. Consumer bodies questioned how far charges reflected the actual costs to the issuer. We are not convinced the current level of payments is reasonable; the issue needs further investigation by the DTI. For low income and vulnerable consumers with low credit limits, fees can represent a large proportion of the outstanding balance and unreasonable fees can make debts spiral. Conclusion We hope that the coming months will provide evidence of effective action. This is not to say that nothing has been done already. But this seems largely to have followed pressure from this Committee. There is a need for a more active approach from the Office of Fair Trading to protect the interests of the consumer.”
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