Rachel Reeves MP, Labour Member of Parliament for Leeds West and member of the Treasury Select Committee, speaking ahead of tomorrow’s (Tuesday August 9) publication of the Competitions and Markets Authority (CMA) final report of the retail banking market investigation, said:
“With interest rates at a record low, savers and borrowers must get a fair deal from banks. This also means tough action to end the exorbitant fees that many people face when it comes to bank overdrafts is required.
“It is not right that banks are still charging far too much for so-called “unauthorised” overdrafts – even though, in reality, there is no such thing.
“I have long called for the CMA to address the issue of sky-high borrowing charges; and in its report there must be some good news for those struggling with financial problems.
“If the CMA fail to come forward with tough new proposals, the Financial Conduct Authority must take the necessary steps to protect the most financially vulnerable from rip-off charges.”