Clwyd South MP Susan Elan Jones has been thanked by consumer watchdog ‘Which?’ for her support in their successful campaign to ban rip-off overdraft fees.
Susan Elan Jones MP, who is a member of the All Party Parliamentary Group for Debt and Personal Finance, joined over 80 other MPs in calling on the Financial Conduct Authority to take urgent action to protect vulnerable people from getting deeper into debt through excessive fees.
Under new proposals, banks will no longer be able to charge daily or monthly overdraft charges nor will they be able to put up costs for people who go over their overdraft limit. Banks will also have to charge a single interest rate on overdrafts and advertise in a consistent way to make charges comparable.
Susan Elan Jones MP said: “I am delighted to hear that the Financial Conduct Authority have taken this much needed action against rip-off overdraft fees. However, I believe more can be done to help vulnerable individuals such as capping the charges that banks are allowed to impose. I will continue to fight for people who are at risk of being taking advantage of by unfair financial practices”.