Liberal Democrats in Business

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

Courts must find in favour of consumer in overdraft case - Cable

9.07.00am BST (GMT +0100) Fri 27th Jul 2007

Responding to the news that a number of UK banks have agreed to go to court in a test case over the legality of overdraft charges, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "This is a very important milestone in the struggle by consumers to get fair treatment from their banks.

"After initially dismissing protests from consumers and consumer groups regarding unfair overdraft charges, banks have had to concede that they are on very shaky ground legally.

"There is widespread dissatisfaction over the way charges are applied capriciously and are often unrelated to any costs.

"I look forward to the courts coming down firmly on the side of the consumer."

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[Previous news story]: BAE Investigation Extraordinary And Embarrassing - Cable (Tue 26th Jun 2007).
[Next news story]: BA fine damages reputation of British industry - Opik (Wed 1st Aug 2007).

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