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NewsBRC calls for govt action on bank charges
BRC calls for govt action on bank charges
Posted by Emily Jones
Banks must be made to stop overcharging consumers and businesses, it has been claimed.
According to the British Retail Consortium (BRC), the government should take action over the issue.
It suggested that the combination of "unjustifiably high card charges and growth of non-cash payment methods" will mean lenders' profits will rise at the expense of individuals and companies.
Stephen Robertson, director of the BRC - which is a trade organisation describing itself as the "authoritative voice of retail" - said there is no justification for the charges placed on card transactions.
He added: "With payment technology and efficiency developing, card charges should be going down not up."
The consortium is calling for financial service providers to reduce their fees to reflect more accurately the costs they incur in processing.
Research conducted by the organisation found that cash was used for 58 per cent of all transactions last year, which was up on the 56 per cent recorded in 2008.
16/06/2010 16:09
News category: Consumer