Cree welcomes promise of New Era in Banking
Ulster Unionist Consumer Affairs Spokesperson, Leslie Cree MLA, has welcomed today’s judgment by the Competition Commission that banks in Northern Ireland have operated an anti-competitive and anti-consumer approach to personal banking. The judgment follows a ’super-complaint’ launched by the General Consumer Council and the consumer affairs magazine Which?
Mr. Cree said,
“The Consumer Council and Which? are to be congratulated for initiating this investigation into personal banking. The fact that Northern Ireland consumers paid a staggering £35million in penalty charges in one year is obvious testimony to the need for substantial reform.
“The package of remedies imposed by the Competition Commission addresses the failures of banks in Northern Ireland to offer a truly competitive personal banking market. No-one is arguing that banks as commercial institutions should not make profits for the services they provide. But the hard-earned money of people in Northern Ireland should not - and now, cannot - be taken from them through arbitrary and unfair bank charges.
“Today hopefully marks the beginning of a new era in the relationship between banks and consumers. A competitive and fair market for personal banking services should both provide quality services for consumers and restore consumer faith in and respect for our banks”.