"Law on bank fee increases to be maintained"

[Brendan Burgess]

Law on bank fee increases to be maintained

The [broken link removed] has decided against repealing a section of the Consumer Credit Act 1995, which requires financial institutions to seek approval for increases in new and existing fees and charges

It also applies to decreases in fees and fees for new products.



This is a real disincentive to compete and bring in new products. I have heard that it takes the Central Banks many months to process any change.


Brendan