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Bank Services: Fees and Charges

Volume 462: debated on Wednesday 27 June 2007

To ask the Secretary of State for Trade and Industry which UK banks the Office of Fair Trading (a) is monitoring and (b) plans to monitor, with respect to the bank charges levied against individuals who exceed their overdraft limit or where a cheque or direct debit is refused. (146012)

The OFT market study into personal current accounts is being undertaken in consultation with a range of interested parties, including major current account providers and their representatives.

At present the consultation with interested parties remains confidential. This exercise involves collecting and assessing sensitive information and, if the names of the persons involved in an ongoing investigation of this nature were vulnerable to disclosure, this could prejudice the full and frank disclosure of information as part of the investigation, and discourage co-operation with future OFT investigations.

The findings of the study are due to be published by the end of 2007.

To ask the Secretary of State for Trade and Industry what plans he has to require banks to publicise their methods of calculating the penalty charges levied on customers when overdraft limits are exceeded or cheques or direct debits are returned. (146013)

It will be for the OFT to take or recommend any action in the light of its market study findings, including its investigation into the fairness of current account charges under the Unfair Terms in Consumer Contracts Regulations (UTCCRs).