Nick Clegg’s Blog


Campaign to Return Unfair Banking Charges
12 August, 2009, 2:53 pm
Filed under: Campaigns, Inside Westminster, News, Statements

Nick Clegg and Vince Cable this week pledged to put a motion before Parliament to put pressure on the government and banks to act to return the money charged to customers by banks unfairly. Following an email campaign by MSE, Nick Clegg responded to an email sent to its members.

He also stated the Liberal Democrats commitment to debate consumer protection at the forthcoming Liberal Democrat Autumn Conference in Bournmouth. Read the full article: Here

Nick Clegg’s letter to MoneySavingExpert.com in full:

Dear Martin,

As a subscriber to your weekly email, I saw your recent comments on unfair banking charges. I couldn’t agree more with you about the scandalous nature of these charges.

The Liberal Democrats have taken a strong stance on this for a long time – in particular, in our manifesto for complete reform of Britain’s banking and financial institutions “A New Deal for the City”, launched in May 2008 where we stated:

“The treatment of charges by the banks borders on the scandalous. It is a continuation of the practice described above: a protected industry seeking to maximise profits by exploiting the weakness of individual consumers who lack information and sophisticated knowledge of products or legal advice. The principle should be established that bank charges must be transparent and cost based.”

In your email, you made a further suggestion that banks should have to pay back all unfair charges automatically if the courts do rule against them. This struck me as an extremely good idea that we should do all we can to put in place. Vince Cable, my shadow Chancellor, and I would be delighted to support your campaign.

We will put a motion before Parliament setting out our support for your idea as soon as the recess is over, which will hopefully put pressure on the government and the banks to act to return the money they so unfairly took from customers.

Finally, I’m really looking forward to receiving the manifesto you’ve been compiling on your site regarding other consumer issues. And I’m pleased to be able to let you know we will be having a debate on consumer protection at our conference in the autumn, where we hope to adopt some strong new policies for our manifesto.

All the best,

Nick Clegg

Leader of the Liberal Democrats

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