Linda Weatherhead, financial services expert at Consumer Focus said:
‘The review is a golden opportunity to swing the balance back in favour of the consumer, who has been losing out for too long. Reform of the credit industry is needed to ensure customers are getting products and services that are both fit for purpose and value for money.
‘Despite the low base rate and inflation levels, people have seen the cost of credit rocket since the recession started. Consumer Focus has called for limitations on the frequency and level of interest rate increases, as well as independent monitoring to ensure any rises are justified.
‘We look forward to the Coalition acting on its previous commitments to end unfair bank and financial transaction charges, deal with excessive credit and store card rates and give consumers better information to help them get the best deals. We also hope the review will mean an end to the excessive penalties charged by banks for unauthorised overdrafts, and greater transparency on the costs customers are charged for their financial services.’
