BANK PENALTY CHARGES

That this House notes the judgement of the Supreme Court that banks and building societies were legally entitled to charge penalty fees for unauthorised overdrafts; further notes that the Supreme Court conclusion was not a judgement on the fairness of such charges; condemns the disproportionate penalty charges levied on customers by banks and building societies; welcomes the Office of Fair Trading's assessment that such charges are unfair; urges the Office of Fair Trading to continue to pursue this issue using the other powers available to it; calls on the British Bankers' Association to amend the Banking Code to make explicit the industry's principles on service charges; further calls on the Government to review existing pricing structures; and further calls on banks and building societies to voluntarily refund unfair and disproportionate penalty charges.