Banks should help debt-laden customers

Customers who are in debt should be helped more by the banks, according to Which?

The consumer group has published a banking manifesto in order to stop their perceived exploitation of bank customers.

Which? chief executive Peter Vicary-Smith remarked that "banks have been allowed to ride roughshod over their customers for too long. Mis-selling, poor products and unsuitable financial advice have become the cornerstone of the banking culture and this must change."

One of the key aspects of the manifesto is that banks should support customers who are in debt. Which? believe that bank account charges and overdraft fees should not contribute to their debt problems.

They also recommend the banning of short-term incentives and commissions for banking staff and replacing them with longer-term goals which will serve customers better in the long run.

Kevin Still, Director of Atlantic Financial Management comments "You would think from reading the lending code that banks are already doing this, but the evidence is that for every government initiative the banks will interpret treating customers fairly in a slightly different manner, resulting in new ways of penalising clients in financial difficulty or with debt problems within the banking group, like credit cards and personal loans."

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