Bruton attacks new bank charges plan

FINE Gael has criticised the Competition Authority’s recommendation that the financial services regulator no longer be required to approve bank charge increases.

As part of last week’s report on the banking sector the authority said Section 149 of the Consumer Credit Act, which stipulates that banks must get regulatory approval to increase banks charges, should go.

However, Fine’s Gael’s finance spokesman Richard Bruton said this was “is one of the few provisions that have proved effective in protecting consumers.”