Summary
BANK chiefs hauled before the Treasury Select Committee over credit card charges are falling over themselves to stress how responsible they are.
"We have continued our relationship with the credit counselling agencies and we have just recently announced an extension of our support for the Money Advice Trust," says Sir Fred Goodwin of Royal Bank of Scotland. Then up pops Michael Geoghegan of HSBC. "We are moving to put a wealth warning on the card's statement and, after acquiring HFC, we have brought them in line with HSBC in that interest is charged at the time of debit to the account, not at the time of transaction," says Geoghegan. "We do not allow any marketing of credit increases to students. They must apply direct to us if they wish an increase, otherwise we do not approach them." Barclays chief exec John Varley declares: "We are trying to go further in our piloting at the moment of looking at ways in which we can, for example, notify customers if they are getting close to their limit." All this handwringing may come a bit too late to avert an expected Government clampdown on consumer credit.See the full content of this document
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City Spy
THAT great annual oxymoronic accolade, for "accountancy personality of the year", awarded by trade paper Accounta...
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