Islwyn MP Chris Evans has called for banking reform as a new report reveals that most bank account holders do not understand their current account terms and conditions.
The Which? ‘Big Change’ campaign, which carried out the report, calls for banks to put customers, rather than sales targets, first. The campaign also calls for the introduction of a bankers’ code of conduct to stop the mis-selling of financial products.
Mr Evans, himself a former bank employee, said: “When I worked in a bank one of the greatest cause of complaints was when customers signed up to things they simply did not understand.
“Is it any wonder when it can take up to an hour and a half to read through the terms of conditions of a basic bank account that just one in ten bank account holders take the time to go through them?
“If we are to rebuild trust in our banks we need to have a big change in banking culture with banks working for customers – not bankers.”
Anybody who wants to find out more can sign up to the campaign at www.which.co.uk/campaigns/personal-finance/big-change