UK banks are ‘ripping off’ their customers according to Business Secretary Vince Cable. Speaking to the BBC, Mr Cable said that forcing banks to change their practices would be a key test of the coalition government.
He said ‘When we talk about about restructuring the banks whats going to come out of this is a more competitive system where the customers are not ripped off.’
‘One of the negative side effects of the crisis is that our banking system that was already very concentrated is now even more concentrated so theres less competition, less choice and bigger temptation for banks to earn margins at the expense of their customers.’
Mr Cables comments come as research reveals that some high street banks are charging as much as 167% interest on unauthorised overdrafts,
