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Bank charges: OFT details 12 months of achievements

The Office of Fair Trading (OFT) has protected people from high loan charges and unsupportable bank claims, it has revealed in its annual report.

It argued the approximate financial benefit it has provided to consumers is at least eight times greater than the public body's cost to the taxpayer, as it required £49 million of state funding but saved the public £402 million.

During the year, consumer credit licenses were revoked for Log Book Loans, as well as Yes Loans and associated firms MoneyWorries and Blue Sky Personal Finance.

Furthermore the organisation also investigated excessive credit card charges and surcharges, as well as costs to the public through subprime credit and travel money issues.

From 2011 to 2012, the OFT aimed to change and influence the behaviours of businesses, their customers and the state to improve the function of markets, as well as engaging in "high-impact enforcement" to boost compliance rates.

OFT chairman Philip Collins said: 'In the coming year, we will continue our focus on protecting vulnerable consumers and securing effective competition in the UK economy."

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801396729-ADNFCR

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