BANK PENALTY CHARGES

Early day motion 283, tabled 30 November 2009 by Vincent Cable (Liberal Democrat). Signed by 81 members.

That this House notes the judgement of the Supreme Court that banks and building societies were legally entitled to charge penalty fees for unauthorised overdrafts; further notes that the Supreme Court conclusion was not a judgement on the fairness of such charges; condemns the disproportionate penalty charges levied on customers by banks and building societies; welcomes the Office of Fair Trading's assessment that such charges are unfair; urges the Office of Fair Trading to continue to pursue this issue using the other powers available to it; calls on the British Bankers' Association to amend the Banking Code to make explicit the industry's principles on service charges; further calls on the Government to review existing pricing structures; and further calls on banks and building societies to voluntarily refund unfair and disproportionate penalty charges.

Signatures by party: Labour 35, Liberal Democrat 33, DUP 5, Independent 4, Social Democratic and Labour Party 2, Conservative 1, Scottish National Party 1.