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Government to scrutinise bank charges

Consumer minister is 'deeply concerned'

Banks pay up

Now the banks have lost the appeal we think it’s time they paid up

The financial services sector is to face government scrutiny over the charges it imposes on consumers. Bank overdrafts will be among the areas under the spotlight.

The consumer affairs minister, Edward Davey MP, has told Which? that the Coalition government is deeply concerned about overcharging in relation to financial products. Mr Davey said: ‘The Coalition Agreement talks about dealing with unfair bank charges. We want to do this thoroughly, and we have every intention of producing a much fairer and robust regime.’

Which? bank campaign

Which? senior advocate Phil Jones said: ‘We believe that unfair charges extend far beyond bank overdraft rates, and the new regime should include other financial products such as mortgages.’

Which? has long campaigned for the financial services sector to review its charging structure for bank overdrafts. See the bank account reviews page for accounts that offer the best deals. 

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