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167305
registered interest false more like this
date less than 2014-12-02more like thismore than 2014-12-02
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Bank Services: Fees and Charges more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what recent assessment his Department has made of the level of unauthorised overdraft fees charged by banks in the UK. more like this
tabling member constituency East Yorkshire remove filter
tabling member printed
Sir Greg Knight more like this
uin 216762 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-12-09more like thismore than 2014-12-09
answer text <p>The Government has not made an assessment of the level of unauthorised overdraft fees charged by banks in the United Kingdom.</p><p> </p><p> </p><p> </p><p>In November 2011, the Government announced an agreement with the major current account providers to enable customers to control their account and to take action to avoid unarranged overdraft charges.</p><p> </p><p> </p><p> </p><p>The Office of Fair Trading found in January 2013 that there had been a significant reduction in bank fees and charges since their 2008 market study, and estimated that there had been an annual saving of £928million for consumers as a result.</p><p> </p><p> </p><p> </p><p>On 6 November 2014, the Competition and Markets Authority (CMA) announced its decision to launch an in-depth market investigation into the supply of retail banking services to personal current account customers and to small and medium-sized enterprises in the UK. The CMA have indicated that they will obtain information and analyse the level of transparency in relation to pricing including on penalty charges, quality and service across banks.</p><p> </p>
answering member constituency South Northamptonshire more like this
answering member printed Andrea Leadsom more like this
question first answered
less than 2014-12-09T16:59:24.623Zmore like thismore than 2014-12-09T16:59:24.623Z
answering member
4117
label Biography information for Andrea Leadsom more like this
tabling member
1200
label Biography information for Sir Greg Knight more like this