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Which? calls for Financial Services bill to stamp out unfair bank charges

Which? has said the Financial Services Bill should ensure hidden bank charges are stamped out.

The legislation is passing through the House of Lords today (July 18th) and was first introduced to the second chamber on May 23rd.

It is expected that the house will examine the role of the Prudential Regulation Authority and the Financial Conduct Authority (FCA).

Executive director of Which? Richard Lloyd suggested that Lords can ensure the FCA has the powers it needs to ensure bank claims no longer hide "rip-off charges".

The FCA, which is to replace the Financial Services Authority, must be able to "clamp down on hidden and excessive charges", he added.

If the new regulatory body is to be a "true public watchdog", this power ought to be explicitly given to it, the consumer advocate remarked.

Research from Which? found six-tenths of Brits believe they have received an unfair bank charge at some time.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801410042-ADNFCR

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