London Liberal Democrats

Liberal Democrats for London

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Europe tackles excessive bank charges

12.47.00pm UTC (GMT +0000) Fri 2nd Feb 2007

Commenting on the European Commission's plans to tackle anti-competitive abuse and excessively high charges by banks and credit card issuers, London's Liberal Democrat MEP Baroness Sarah Ludford said:

"This report backs up concerns most of us have long held. The rip-off bank account and card fees that we face are the result of market dominance of the big players."

"The Commission's plans are a real warning. I am certain if banks and credit card companies don't act now, legislation will follow."

"The European Parliament is already tackling many of these issues in the draft EU legislation on rules for payments. LibDem MEPs believe consumers have a right to know what fees they or the retailer is paying, as it all ends up in the price."

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