Consumer Panel calls on banks to accept judicial decision on bank charges

24 April

The Consumer Panel has welcomed today’s bank charges judgement, particularly that these charges can be assessed by the OFT on whether they are fair.  The Panel is calling on the banks to accept this judgement and not to appeal, so that there can be the swiftest resolution for consumers.

Adam Phillips, Acting Chairman of the Financial Services Consumer Panel said:

"Consumers have been left in the lurch with complaints about bank charges for long enough.  The banks should not seek to stretch out the arguments by going to appeal over this judgement. They should accept it, so that the FSA can remove the current waiver for banks dealing with complaints and consumers can be treated fairly by their banks.”

Notes to editors

1. The FSA established the independent Financial Services Consumer Panel in December 1998 to advise its Board on the interests and concerns of consumers and to report on the FSA’s performance in meeting its objectives. The Consumer Panel has statutory status.

2. The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit. More information about the Panel's work is available on our website – www.fs-cp.org.uk.
   

3. The Consumer Panel brings together a wide range of relevant experience. This includes financial services regulation, working with vulnerable consumers, consumer protection, consumer education, front-line money advice, legal expertise, competition policy, public policy analysis, market research and media.

4. There are currently eleven members of the Panel as listed below (for further information on individual members, see the Panel's website – www.fs-cp.org.uk)

   Adam Phillips (Acting Chairman)
   Kay Blair
   Michael Chapman
   Stephen Crampton
   Caroline Gardner
   Jenny Hamilton

   Tony Hetherington
   Nick Lord
   David Metz
   Lindsey Rogerson
   Carol Stewart