 Bank accounts |
| Search News |
|
|
| Find an IFA |
|
|
| Financial News |
|
| UK Spotlight |
This week's announcement of the Marks & Spencer sales figures for the Christmas and New Year period is set to disappoint the market and will be accompanied by a rumoured 1000 job cuts. Those...
→
Read More
|
|
| Disclaimer |
| Financialadvice.co.uk adheres to the Financial
Services and Markets Act 2000. This site contains only factual and
readily available public information. |
|
|
| |
|
|
|
|
Thursday 26th April 2007
The Office of Fair Trading (OFT) has launched an investigation into concerns that banks may be unfairly imposing charges upon their customers.
Along with a market study into current account pricing, the watchdog has launched a formal investigation into charges on unauthorised overdraft use and for returned items.
It warns that 'free' banking may be coming to an end and fears that any rash, suddenly-imposed solution may push banks into deciding to abandon the concept for good.
"The OFT shares public concern about the current level and incidence of charges, but believes any quick-fix solution might have unintended and far-reaching consequences across the sector and for consumers as a whole," it said in a statement this morning.
Today's wider study will investigate the transparency of banks, the "fairness and impact" of unauthorised overdraft charges and the implications for a shift away from 'free' current accounts.
"Our ultimate objective is a competitive retail banking market in which informed and active consumers drive strong competition and high levels of customer service among banks long-term, with minimum regulatory intervention," OFT chief executive John Fingleton said.
|
→ Full Bank accounts News Archive
→ Return to Homepage
|
|
|
|
| Other top stories in this section:
|
|
|
|
