Parliamentary Search

Written question asked by Gerry Sutcliffe (Labour) on Tuesday, 10 February 2015, in the House of Commons. It was due for an answer on Monday, 23 February 2015 (named day). It was answered by Andrea Leadsom (Conservative) on Wednesday, 25 February 2015 on behalf of the Treasury.

Banks: Internet

Question

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect on consumer indebtedness of decisions by banks to (a) charge consumers to receive information about their accounts online and (b) encourage consumers to receive information online.

Answer

The Government takes the firm view that consumers must be able to easily access clear and transparent information about their accounts. The major current account providers have previously committed to make fees and charges clearer on customers’ monthly statements, and provide an annual statement of charges for each customer.

The Government is continuing to drive forward a wide-reaching and ambitious programme of reforms to make the banking sector more competitive, including enabling innovation in the use of bank data so that customers are able to use online information more effectively. This includes initiatives like the Midata current account tool, which will help customers switch to the best current account for them.

The Financial Conduct Authority (FCA) is also currently reviewing cost-cutting initiatives that affect a significant number of customers, including the withdrawal of paper statements.

Secondary information

Type
Written question
Reference
223939
Session
2014-15
Subjects
Banks Fees and charges Internet
Link
View this Written question on www.parliament.uk