Consumer Focus launches travel money super-complaint

By Sarah Engle, Thu 22 Sep 2011 - Published in Loans

Those seeking loans to fund their dream holiday may be interested to hear that a leading customer rights group has launched legal action about the costs associated with travel money.

The Office of Fair Trading (OFT) announced that it had received a super-complaint from Consumer Focus, which states that charges applied by some banks and credit card firms to purchase foreign currency are "unfair".

It added that "complex and unclear" charging structures are used for card transactions abroad and claims of "zero per cent commission" and "competitive exchange rates" could be misleading and stop people shopping around.

The OFT commented: "[We] will now consider the issues raised in the super-complaint in order to establish whether or not any feature, or combination of features, in the relevant market is, or appears to be, significantly harming the interests of consumers."

Last week, it was suggested that more people over the age of 55 may be taking loans to fund adult gap-year travel.

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