Barclays show that the Agreement between BIS (Department for Business, Innovation andSkills) and the BBA (British Bankers Association) is Completely Worthless
The Department for Business, Innovation and Skills reached an agreement with the BBA acting on behalf of the banks, It has been alleged that this discussion was within a restricted circle. The BIS press release attempted to reinsure consumers that BIS agreement with the banks would protect consumers and there was no need for regulation, in a direct response to questions from the Consumer’s Forum the BIS said:
"Regulating in this area is not the Government’s first instinct. There are better ways to achieve a positive result for consumers that have less impact on business and means that consumers get the protections they need without having to wait months or years for them to come into force.” We have worked with the banks to give consumers the right tools to take better control of their
account and avoid or minimise unarranged overdraft charges. The measures agreed with the banks...”
One must ask, “Why does the Government need to carry favor with any banking organisation?” Simply they don’t, It’s about time the Government grew abackbone and protected the public and not the Banks. What the agreement meant in real terms was,BIS saying, “OK, BBA we’ll let you walk all over us, how high do you want us to jump?”
Well, the value in the BIS agreement lasted under a week; major banks have announced that they are making changes to their basic accounts already. Just showing what a joke the BIS agreement is!!
Barclays has already announced that next March, holders of Barclays’ most basic Cash Card bank accounts will be charged up to 3 times the current amount a whopping £24 a day, if they have insufficient funds to cover direct debit withdrawals from their account. The maximum daily fine is currently £8.
A clear example how banks will and are go to getting around any potential loss they may have suffered by the agreement with the BIS. The obvious target in this exploitation is the poorest in our society; once again the Public are the perceived golden cash cow to the Banks.
If it is money the Government wants to save, How about they don’t allow the millions in bonuses. After all the public virtually own RBS, and the government should be managing the company, better and cheaper.
All this on top of prospect of RBS's amendments which came into being last month, which limit Basic bank Customers making a withdrawal from Non-RBS ATMs,this meaning they will now have to travel at a cost to a RBS cash machine orpay to get their money.
You will, of course, remember that RBS is not only over 80% owned by the public, but also lead to the near collapse of the country, yet no one has beenheld to account. Why Not?? in fact the CEO walked away with 12 million pound pension.
It is now hoped that the BIS will at finally listen to the Consumers Forum and start the legislation process to end unlawful bank charges and introduce a cap on APR.
Again we urge all members to write to their MP's and sign our on line petition