Banks: Internet

HM Treasury written question – answered on 25th February 2015.

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Photo of Gerry Sutcliffe Gerry Sutcliffe Labour, Bradford South

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.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

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.

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