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Bank Services: Fees and Charges

Volume 491: debated on Wednesday 22 April 2009

To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform what progress the Office of Fair Trading (OFT) has made in investigating unfair bank charges; and when he expects the OFT to report. (269800)

The OFT has written to banks with its provisional view on the fairness of unarranged overdraft and returned item fees, setting out its concern that they may be unfair under the Unfair Terms in Consumer Contract Regulations 1999. The OFT announced on 3 April 2009 that it is to streamline its investigation into unarranged overdraft charges by focusing on the terms of three banks in particular in order to progress the case in the shortest and most efficient way possible. The OFT expects to reach final conclusions on fairness later this year.