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Cable's attack on banks is long overdue

19 Jul 2010

Citizens Advice Scotland have backed Business Secretary Vince Cable’s comments today on banks, saying that government action on the issue is long overdue.

CAS spokesman Keith Dryburgh says,

“People are struggling to cope with the effects of the recession, and the strong evidence from the CAB sector is that banks are making things worse, not better. Every CAB sees people every day who are in financial difficulty, and whose situation is being made worse by the actions of their bank.

“Harmful banking policies like high fees, irresponsible lending, poor communication, unfair charges and refusal to negotiate solutions are causing huge headaches for people who are in difficulty. That’s not how it should be. Banks should be helping vulnerable people, not piling pressure on them.

“It’s a year now since the banks were saved from oblivion by huge subsidies from the public purse. At the time the banks promised to re-pay that in goodwill by adopting more socially responsible policies. They have not made good on that promise. If they are not prepared to do that then perhaps its time for the government to step in and do it for them.

“Mr Cable’s comments are welcome, but long overdue. People are suffering every single day – they should not have to wait any longer. The time has come for action, not words.”

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