“I thought the Supreme Court ruling in December was a huge blow for consumers and we called for the OFT to look at other ways of getting a fair deal for consumers.
For me, this issue highlights precisely why we need a new, powerful consumer champion to stop these sorts of problems from arising and fight even harder for consumers when they do. Our proposed Consumer Protection Agency would provide this kind of protection. It would take on the OFT’s powers for regulation and be given a clear mandate from government to protect consumers and punish banks who do the wrong thing. So for example, it would require far more transparency over bank charges, it will name and shame banks that break the rules and it will levy significantly larger fines that we have seen in the past.
What’s more, we have also called for a competition review of the banking sector, including a close examination of bank charges. We need much more fairness and transparency when it comes to these issues, and a Conservative government would work to bring that about.”
In the meantime, we say, you can make a claim if you are suffering financial hardship. Ask for your free report.