Excessive bank charges are criminal - Liz Lynne
January 31, 2007 12:00 AM
Commenting on the European Commission's plans to tackle competition abuse and excessively high charges in the banking and credit card sectors, Liz Lynne, Liberal Democrat MEP for the West Midlands said:
"The Commission's report backs up concerns that most of us have had for years. These high card fees that we often all have to pay (whether we know it or not) are the result of market dominance of the big players. The Commission's words are more than rumblings, this is a real warning. I am certain if banks don't act now, legislation will follow.
"We in Brussels are also tackling many of these issues in the Payments Directive. Consumers have a right to know what they or the retailer are paying, as it all ends up in the purchasing price. The Liberal Democrats here in the European Parliament have been championing transparency through a breakdown of fees in negotiations with the Council. Consumers and retailers alike will benefit when we get the Payment Services Directive up and running."
ENDS
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