Prime Minister Gordon Brown has stated that the ongoing bank charges case needs a “negotiated solution” and that any compensation that is due should be paid “as swiftly as possible”.
The bank charges test case between the UK’s leading banks and the Office of Fair Trading which began back in 2007, is now awaiting the House of Lords’ decision, following the banks appeal against the decision that fairness rules will be used to govern bank charges.
Responding to a campaigning letter sent by Moneysavingexpert.com’s Martin Lewis, Mr Brown has called on the banks and regulators to, “explore a quicker way to resolve this without delay”.
Mr Brown continues: “People need confidence when they open an account, they will be treated fairly, charges and fees will be transparent and reasonable, and their savings will be safe.”
Mr Brown’s letter follows replies from conservative leader David Cameron and liberal democrat leader Nick Clegg regarding Martin Lewis’s campaign to get fairer bank charges for consumers.
Prior to the House of Lords making a final decision, a number of banks including Halifax, Bank of Scotland, NatWest and RBS, have already announced reductions in their bank charges, which Mr Brown has welcomed.
Explaining the government’s plans to help improve the current banking crisis, Mr Brown added: “We are now taking extensive action to reform the banks’ culture, to stop irresponsible banking practices, and to support more effective consumer education and information so that people can get a better deal.”
I have just been on to my bank to sort out again my charges. That have been accuring sine last year and i have repeatedly paid off ..It as all stemed from the same direct debit that i cancelled in june of 2008 … i have been charged up to £700 for the same thing. I get the account upto date then they charge me again for been overdrawn lst month…evertime i clear it up…Now this is unfair charges ..An to top it all of im recently out of work and cant afford to keep paying these charges…The banking system sucks…….I hope these matters are resolved very soon because my bank ows me alot off money when you have nothing….
By: Neil on September 23, 2009
at 3:24 pm
I am one of the millions of people who put a claim in to get our money back from unfair bank charges, to be put in a pending folder whilest the test court case took place back in 2007.
When the banks have lost and will need to pay back the money to their customers; do we as the pending appeals come first to be paid back or do we need to do it all again?
Patiently waiting out of pocket costomer for 8 years of Halifax.
By: karen pennicott on September 30, 2009
at 9:48 am