Liberal Democrats in Business

News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum

BACS system must be 100% reliable - Cable

12.00.00am BST (GMT +0100) Fri 30th Mar 2007

Commenting on reports that up to 400,000 workers will be paid late due to problems with the BACS system, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "This is one aspect of banking that must be 100% reliable.

"Now that a mistake has been made, they have to get it sorted immediately.

"There must be absolutely no question of customers being charged because of mistakes that banks have made themselves.

"This bad news comes on top of the very unsatisfactory recommendations from the OFT yesterday, which has bottled out of a clear ruling on the issue of illegal charging, and has fallen back on the old device of a new study.

"There was a study of charging and profits in retail banking seven years ago by Don Cruickshank, which recommended changes. The OFT should act on behalf of consumers and stop dithering."

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[Previous news story]: Chancellor abandons fairness to hit lowest paid - Campbell (Wed 21st Mar 2007).
[Next news story]: Brown pension policy caused long term harm - Cable (Sat 31st Mar 2007).

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