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MoneyExpert: OFT ruling should extend to loans
MoneyExpert, the independent finance website, has stated today that guidelines released by the Office of Fair Trading (OFT) that state credit card default charges should to be capped at £12 ought also to be extended to personal loan products.
Speaking in support of the OFT's decision in general, Sean Gardner, chief executive of MoneyExpert, said "Finally the curtain has come down on these punitive, unfair charges and we are very pleased with the OFT’s decision. It is a victory for consumers."
However, he added that he also supports an indication from the OFT that the guidelines could also be extended to a range of financial products, including personal loans, mortgages and store cards.
"It's too early to suggest this may herald the beginning of the end for 'Rip-Off Britain' – at least as far as financial services go – but we live in hope," he added.
Credit card provider Egg has also responded today, stating that it has worked closely with the OFT and intends to "study closely the key principles set out in today's statement".