High service fees charged by banks and excessive lending practices are the targets of a host of retail banking rules issued yesterday by the Central Bank.
The legislation follows a rise in the number of complaints from customers unhappy with how much banks are charging for basic services. It also comes in response to a wave of bad consumer debt that left some banks with big losses during the financial crisis.
The new rules cover personal and car loans, with limits capping the amount banks can lend to customers at 20 times their salary. They also set the period of loan repayment at 48 months. In addition, the rules restrict service fees lenders can impose for personal accounts, cheques and debit cards.
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