MP calls for “transparency” over bank charges

Mr Tyrie suggests that the reasons for bank charges, which can often force credit consumers further into debt management difficulties, are not commonly understand by bank customers throughout the country.

Regular itemised bills detailing charges that are being made should be issued by banks to give their customer a better chance to avoid debt and manage their finances more effectively, a related report published by the Centre for Policy Studies claims.

The report read: “As a result of the increased transparency both individuals and businesses would be able to manage their financial affairs better.

“At a time when the number of people with serious debt problems has risen sharply, this would be particularly important.”

Meanwhile, the accountancy firm KMPG anticipates that more than 130,000 British people will enter into an Individual Voluntary Arrangement (IVA) by means of a debt solution over the course of this year.