Labour MP Tessa Jowell highlights the dire need for an end to hidden bank fees.
One month ago we launched #StopHiddenFees.
Our aim? To end decades of unfair hidden bank fees. 24 hours later 15,000 of you had signed the petition. UK MPs Chi Onwurah and Stephen Lloyd had welcomed the campaign in Westminster.
Within the week, Reuters reported that HSBC will be refunding some customers after charging them excessive foreign currency fees.
Today, Tessa Jowell MP brought up the issue in front of parliament. She commended TransferWise's efforts and spoke of the dire need for change:
"A further challenge in this is a severe lack of transparency in the components of these charges. The UK Government, along with financial regulators, should require companies to be more transparent in the consumer’s interest about these charges. I would at this point like to commend TransferWise on their campaign calling on the Government to put a stop to hidden fees, and to stop banks and brokers overcharging consumers in foreign currency exchange, a campaign which I support."
We can change the law, but we need your help. Join 18,000 voices and sign the petition: stophiddenfees.co.uk