Comment

THE twin aims of today’s banking upheaval sound laudable enough. Indeed, who could object to protecting credit card holders from rip-off charges or encouraging greater competition in the financial industry?

Yet so gaping are the loopholes in this EU-inspired legislation that the effects could cost us all dear.

Take the ban on discriminatory fees for credit card transactions. As the Mail reveals today, retailers are set to cash in by imposing charges on all methods of payment, including those hitherto exempt.

Or take banks’ new obligation to let customers share account details with third parties. Isn’t this an invitation to fraudsters to prey on the vulnerable by posing as legitimate internet and energy firms?

Such are the perils of allowing Brussels bureaucrats to meddle with our rules. Bring on Brexit!