The Financial Services Consumer Panel (FSCP) has launched a new paper that calls for lenders to provide greater clarity regarding bank charges.Speaking at the British Bankers' Association Complaints Seminar in central London, president of the panel Mike Dailly argued innovations in the sector are often "not to empower consumers, but to exclude choice, lessen transparency and reduce competition".He pointed out it was 50 years ago that US President Kennedy argued consumers should have informed choice when buying products and while this is "the norm for consumer goods", it is harder to find in money lending.Every March 15th, World Consumer Rights Day marks this famous speech, which was the first time any world leader had discussed the rights of purchasers."Consumers - by definition - include us all," Mr Kennedy said at the time.The FSCP claimed the creation of the Financial Conduct Authority could "dispel the myth that day-to-day banking is free" and might result in better services for the public.Amir Hussain Amir specialises in personal loans, consumer debt and debt management.
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