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Mark Hunter MP & the Cheadle Liberal Democrats
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Liberal Democrats clampdown on unexpected bank charges – Hunter
November 22, 2011 5:53 PM
Cheadle MP and leader of the successful campaign to "save the cheque", Mark Hunter, has welcomed the Coalition Government announcement measures to clamp down on unexpected bank charges following a review of consumer credit and personal insolvency.
Liberal Democrats have led calls to end unfair bank charges and give consumers more choice. The announcement also includes measures to:
- End introductory offers for store cards that tempt customers into expensive credit arrangements
- Ensure bank customers have the option of getting text or email alerts if they are close to going into the red
The announcement came from Liberal Democrat Business Minister Ed Davey and follows last year's Private Members Bill calling for an end to unfair bank charges by Co-chair of the Liberal Democrat Parliamentary Business Committee, Lorely Burt.
Commenting, Mark said:
"For too long, people have been stung by unexpected bank charges or rip off store card deals.
"I'm proud that Liberal Democrats in the Coalition Government have acted to give people more information, choice and power.
"Liberal Democrats believe in individual freedom and equality of opportunity. That's why we are determined to take power away from the banks and big business and tip the balance back in favour of individuals.
"That's why we cut Income Tax for people on low and middle incomes, it's why we have hit the banks with a new £10bn tax and it's why we are taking steps like this to give consumers more power."
Commenting further, Liberal Democrat Business Minister, Ed Davey said:
"We received a fantastic response to the review which has been central to our vision to give consumers the tools they need to make well-informed decisions when managing their finances.
"The package of measures we have set out will encourage consumers to make better credit decisions and strengthen protection where necessary - particularly for the most vulnerable.
"We are committed to responsible lending and will continue working with the industry to improve consumer protections, particularly in the high cost credit market, where we are speaking to the industry to ensure that additional consumer protections are included in codes of practice."
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