14-02-2007, 10:16 PM
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#1 (permalink)
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Uber Member
Join Date: Sep 2004
Location: Woking
Posts: 30,820
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Bank Charges Row
Quote:
PRESS RELEASE for immediate release
BANK CHARGES ROW
Proposals to allow banks to share information on up to 40 million bank accounts have been slammed by the UK Independence Party.
The Department of Trade and Industry is looking into ways to introduce legislation designed to counter the growing problem of indebtedness.
But UKIP has pointed out that the proposals run counter to previous data protection legislation and will be a further infringement on individual privacy.
Since the late 1990’s banks have asked every new customer whether they could share their account details with credit agencies – a situation which did not apply before.
The government started a consultation exercise last October about bringing older accounts into line and the DTI is now consequently studying four proposals, two saying information had to be shared and one which did not.
The suggestion apparently favoured by the government is to allow account holders to opt out. The DTI has agreed to respond to the proposals within three months.
“Bank customers should not have to share their details and I fear that if the favoured proposal goes through mention of any ‘opt out’ clause will be hidden in very small print,” said John Whittaker, UKIP chairman, today.
“The plans are being considered ostensibly because so many people in this country are struggling with financial problems. One of the real reasons for the increase in indebtedness is the ease debt can now be shrugged off.
“In reality this is the state exercising yet more control over people’s day to day lives and this has the potential to further erode trust between banks and their customers,” said Dr Whittaker.
ends
Notes for editors – For further information contact - Lynda Roughley - 0151 236 0041; 07845 333764, email lyndaroughley@aol.com.
Dr Whittaker’s constituency covers Merseyside, Cumbria, Lancashire,
Cheshire, Greater Manchester.
Sources - www.theregister.co.uk
DTI Consumer and Competition Policy; Consultation on the Removal of Barriers to the Sharing of Non-Consensual Credit Data (October 11, 2006)
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