Comment from Monese: FCA report on UK Savings

Mulenga Agley, VP of Growth at Monese

“‘Personal debt’, ‘just keeping heads above water’ – new research from Money Advice Service paints a dismal picture of unfair finance in the UK. Limited savings, inability to pay off credit card balances and payment defaults are symptomatic of a traditional banking system that is tailored for the rich and financially savvy.

The myth of ‘free banking’ is beginning to crumble, but banks must be prepared to be more open about how they make money. They rely on a mixture of lending and hidden fees, to the point that dependence on these revenue streams prevents them from seeking an alternative – revenue over reason. Unexpected or hidden fees line bank pockets and send vulnerable consumers spiralling into debt.

Financial services providers should be supporting consumers to spend and save responsibly and effectively, rather than taking every opportunity to catch them out.  It’s time for an inherently transparent, simple and all-inclusive monthly fee – think Netflix, rather than bank.”

Author: Dylan Jones

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