Graeme Morrice MP has tabled a motion in Parliament calling for the Government to end unfair bank charges and reintroduce a cap on the amount of interest that consumers can be charged. He believes that high bank charges and exorbitant interest are causing huge financial problems for consumers,especially those who are vulnerable or living on low incomes, and these unfair financial charges are playing a big part in pushing more and more households into debt.
Graeme Morrice MP said:
“Millions of consumers continue to be hit by a range of high, unfair bank charges, often for situations over which they have had little or no control. There is also increasing evidence thatthese charges impact disproportionately on those least able to cope with them.“It is time for the Government and banks to reach a solution that will put an end to these unfair charges. I am also urging the Government to take action on high cost credit to prevent people from being subjected to legal loansharking.”
Stephen Hone of the Consumers Forum said:
“I thank Graeme for taking action on this issue. Every major political party has pledged to stop unfair bank and other financial charges and it is also a commitment in the Government’s coalition agreement. It is now time for action onthis issue to protect consumers and end these unfair charges once and for all.”
The Livingston MP is also asking people in West Lothian to give their support to these important changes by signing ane-petition to the Government. The petition calls on the Coalition Government to keep its promise to “introduce stronger consumer protections, including measures to end unfair bank and financial transaction charges”.
The e-petition can be signed at http://epetitions.direct.gov.uk/petitions/14591
The EDM can be found here http://www.parliament.uk/edm/2010-12/2277