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The Rt Hon Malcolm Bruce MPLiberal Democrat MP for Gordon |
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Bruce comments on OFT decision to drop bank charges case
December 23, 2009 12:00 AM
Gordon MP Malcolm Bruce told of his frustration on learning of the Office of Fair Trading (OFT)'s decision that they would be dropping their investigation into the fairness of bank charges.
Commenting, he said -
"Bank customers will share my dismay at this announcement by the OFT which comes after a long legal battle. The feeling is that there is still plenty of mileage in this battle and this has been borne out by the Supreme Court's judgment which gave scope for further challenges to the banking practices under section 140 of the Consumer Credit Act 1974. People will be wondering why the OFT has come so far only to give up now.
"The Government and the OFT seem content to allow the banks to come up with a voluntary code of practice but with the UK's banks looking to claw back business after the scare of the credit crunch this seems highly improbable and public scepticism prevails.
"If the banks fail to adequately sort this mess themselves we will need the Government to introduce effective regulations if necessary through new legislation- if only to stop millions of people being ripped of by banks which they have had to very recently to bail out."
ENDS
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