Excessive Charges Cannot and Will Not Continue

2.00.56pm UTC (GMT +0000) Wed 31st Jan 2007

Commenting on the European Commission's plans to tackle competition abuse and excessively high charges in the banking and credit card sectors, Sharon Bowles MEP, European Economic Affairs Spokesperson said:

"The Commission's report backs up concerns that most of us have had for years. The high and opaque card fees that we often all have to pay (whether we know it or not) are the result of market dominance of the big players. This is more than rumblings, it is a real warning. I am certain if credit card companies don't act now, legislation will follow."

Sharon Bowles, who is shadow rapporteur for the Payments services directive (PSD) added:

"We are also tackling many of these issues in the Payments directive. Consumers have a right to know what they or the retailer is paying, as it all ends up in the purchasing price. I have been championing transparency through a breakdown of fees in negotiations with the Council. Consumers and retailers alike will benefit when we get the PSD up and running."

ENDS