Bridgend MP Urges Prime Minister To Ensure Fairness On Bank Charges

Today the Supreme Court has overturned the High Court and Court of Appeal rulings and said that bank charges can continue. This surprise decision means that about 1.2m people who have lodged claims with their banks for repayment of the charges will have to contest their cases in the courts individually, rather than the OFT being able to tell banks to refund them all.

Bridgend MP Madeleine Moon raised this issue directly with the Prime Minister during PMQ's today, stating that:

"Britain's top bankers rewarded their financial greed and mismanagement with huge bonuses while imposing penalties on ordinary customer's whose financial transactions based on need not greed took them into the red. I am sure the whole house shares my dismay at today's Supreme Court judgement - what action will this government be taking to ensure fairness from banks for ordinary customers."

The Prime Minister responded by acknowledging the anxieties of many people regarding this issue and indicating that:

"It is right that we examine this issue... With regard to the banks we have a responsibility for at the moment, such as RBS and, Northern Rock we have asked them to and they have reviewed their overdraft arrangements".

Further more the Prime Minister indicated that the new Financial Services Bill will ensure future charges are fair and that class actions will be made possible.

The Prime Minister concluded by stating that:

"We will ensure customers can receive a fairer deal from banks."

Following the Prime Minister's assurances, Madeleine Moon commented:

"I welcome the assurances given today by the Prime Minister that he is working with the banks that the tax-payer has bailed out to ensure that these banks offer a fairer service to their customers. I hope that the other banks will see the light and also follow suit.

I am also encouraged to hear that measures are in place to tackle this issue moving forward."