Following the excellent and thought provoking blog from my colleague Matt Edwards, entitled “In defence of bank charges.”, I though I would post a blog response with a different view.
My politics is based massively around my ideas fairness, and it is on this crucial test that I think the bank charges fall down, and fall down in a big way.
Firstly the problem as I see it is the value of the charges is so often out of all proportion to the nature of the “offence”. Put simply the punishment does
Continue reading Bank charges are not fair.
Yesterday the new “Supreme Court” ruled that the Office of Fair Trading was not allowed to investigate “unfair” bank charges. The court ruled that the basis under which the OFT was investigating was unlawful.
This will seem frankly astonishing to many of us, surely the whole point of the OFT is to investigate whether or not prices and fees charged by commercial enterprises are fair. And it throws up one of the important facets of civil society. Namely that there is a clear demarcation between what is right, and what is
Continue reading Supreme court decision on banking charges is wrong.