Banks can’t be given a free hand to increase charges - Pearse Doherty TD
Sinn Féin Finance Spokesperson Pearse Doherty TD has said banks cannot be given a free hand by the removal of Section 149 of the Consumer Credit Act 1995 which gives the Central Bank the power to authorise increases in fees and commissions.
He was responding to a suggestion from the Competition and Consumer Protection Commission that the Section should be reviewed.
Deputy Doherty said:
“I am completely opposed to any review of Section 149. It is a safeguard that exists for a reason. If this section had not existed during recent years I am sure banks would have increased charges and fees even more than they did. The mere existence of the section inhibits banks from increasing fees and commissions at the drop of the hat.
“I hope this proposal falls with the publication of this report. The Competition and Consumer Protection Commission should remember their mandate is not just competition.
“Bank customers have put up with a lot, to put it mildly, this step would be an insult and should be rejected out of hand.”