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OFT: Overseas bank charges will be simplified in 2012

Banks do not give clear information to consumers regarding credit card charges when they use their banks abroad, but this should soon change.

This is according to a spokesman from the Office of Fair Trading (OFT), who told the Scotsman the industry has agreed to make significant alterations in this area, following an investigation into the practice the public body conducted last year.

Members of the public will be better informed of any bank charges they incur when they spend money abroad, the representative added.

"Consumers should see the benefits of this work during 2012," he continued.

A spokeswoman from Consumer Focus Scotland pointed out to the publication that people do not wish to return from holiday to view a "raft of transaction charges on their bank account".

Any fees financial institutions impose on their customers have to be "absolutely transparent and fair", she argued.

OFT chief executive John Findleton had previously asserted banking companies ought to earn their profits through providing high-quality, good-value services, instead of through these credit card charges.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801298749-ADNFCR

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