MSE News: Labour manifesto to target unfair charges

This is the discussion thread for the following MSE News Story:

"The party will pledge to clampdown on numerous banking 'rip-offs' as part of its General Election pledges ..."

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  • ILWILW
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    They have been in power for 12 years. Wonder why they are saying they will do something now? I find it so cynical it really does annoy me.
  • Snowy_OwlSnowy_Owl Forumite
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    As usual, all mouth and no substance. As long as it makes them look good, that's all that matters.........................
    :j I feel I am diagonally parked in a parallel universe :j
  • stonemanstoneman Forumite
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    Why is it a rip-off when the fees are plain to see before you sign up for an account. If you didn't like them then you could always have gone somewhere else.
    The common law of business balance prohibits paying a little and getting a lot. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
  • MORPH3USMORPH3US Forumite
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    Comments above say it all for me.
  • michaelsmichaels Forumite
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    - A crackdown on prices charged by instant loan companies and doorstep lenders.

    Make the rate too low and the lenders simply won't offer the loans. Small loans for short periods, there is hardly the margin in there to vet every borrower carefully and set a rate adjusted for risk.

    SO for the majority pay day loans become unavailable so what to do in a crisis - how about a loan-shark instead?

    Is this really in the consumers interest?

    And a more general point - at what point are individuals allowed to make their own choices rather than 'the govt' deciding for them what is in their interests? Martin do you think there is no room left for individual responsibility? I bet setting up MSE probably involved some risks along the way and may be some stress and long hours for you which I am sure could have been detrimental to your health, especially if it had not been a sucess - may be the govt should have stopped you (for your own sake) ever launching the site?
    I think....
  • ~Brock~~Brock~ Forumite
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    Here's my manifesto.

    1. Put all the 'vulnerable consumers' in a big padded room and take any sharp implements off them.

    2. Let the rest of us get on with our lives unhindered by the persistent meddling of politicians intent on dumbing down everything without any understanding of the law of unintended consequences.
  • edited 12 April 2010 at 2:19PM
    natweststaffmembernatweststaffmember Forumite
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    edited 12 April 2010 at 2:19PM
    Quite strange that. The OFT are due to give another update on Unfair terms in 2012 which is just a general follow up.
    Consumer Credit Directive coming into force this year and implemented in full by 2011 which has already had consultation.


    With respect to the article this is the text of what it says:

    "In the post-crisis economy, we will fight for consumers and stand up to vested interests that treat people unfairly, whether in the private or public sector. We want a fair deal for all.

    The Post Office has an invaluable role to play in our communities and in serving local businesses. To promote trusted and accessible banking, we will transform the Post Office into a People’s Bank offering a full range of competitive, affordable products. This will help sustain the network and boost competition in banking. The universal postal service delivered by the Royal Mail connects and binds us together as a country. We are firmly committed to the 28 million homes and businesses across the country receiving mail six days a week, with the promise that one price goes everywhere. The Royal Mail and its staff are taking welcome and needed steps to modernise work practices.
    For the future, continuing modernisation and investment will be needed by the Royal Mail in the public sector.

    We will introduce a universal service obligation on retail banks, so that all consumers with a valid address have a legal right to a basic bank account, and a right to redress if this is refused. Banks will have to publicly report on the extent to which they are under-serving communities. And we will introduce a new levy on the banks to help fund a step-change in the scale of affordable lending by third-sector organisations, including a new partnership with the Post Office, offering an alternative to loan sharks and high-cost doorstep lending.

    Over the lifetime of the next Parliament, as more affordable lending becomes available, we will clamp down on the interest rates and other fees charged by instant loan companies and payday or doorstep lenders, tackling the very high cost lending that hits low-income communities hardest. We will introduce a single regulator for consumer finance to restore confidence and trust with responsibility for the supervision of all unsecured lending being passed to the Financial Services Authority. And new rules governing how financial products are sold will be introduced with a crackdown on unfair terms in contracts.

    Finally, we will seek to promote competition in high-street banking by introducing portable bank account and cash ISA numbers that stimulate switching where consumers are dissatisfied, along with consistent, easily understood labelling of financial products."

    EDIT: It took me a while to spot the unfair terms bit and didn't the Supreme Court say that politicians might want to consider doing this in the judgement from the OFT test case on bank charges?
    I have not worked for NatWest Bank since February 2009

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  • ALIBOBSYALIBOBSY Forumite
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    Well what a load of old rubbish. Typical meaningless talk with no firm promises at all. All that time in power, all those boom years and they never gave a toss about fairness to the consumer. Even if you say they weren't aware of the bank charges issues until sites like here made it more well known that still gave them several years to bring in legislation.

    The bit about post offices is a joke as well, how many local PO went, under their "rule".

    After voting labour for many years I feel utterly betrayed by their performance and the world they created for us with the nanny state et al.
    Plus GB is the creepiest guy in the universe, that smile where the whole rest of his face is frowning is just plain weird.

    ali x
    "Overthinking every little thing
    Acknowledge the bell you cant unring"

  • Paul_HerringPaul_Herring Forumite
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    They are also promising, in their manifesto, not to increase tax rates in the next parliament, just like they promised not to in this parliament.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • FATBALLZFATBALLZ Forumite
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    I'll vote for any government that lines up the scum that rip off the banks with 'unenforcibility' garbage and shoots them.
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