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Which? calls for current account market overhaul


Consumer watchdog Which? has called for regulators to name and shame the worst current account providers in the UK.

Which? also believes there should be a complete overhaul of the current account market to ensure that consumers are not taken advantage of by high charges. Both Which? and Tesco bank are calling for more transparency in the current account market, and Which? have suggested three areas that banks must work on: Fairness, control and transparency.

The changes have been suggested as the Competition and Markets Authority (CMA) is set to publish findings from an investigation into the UK’s banking services. Which? believes the CMA should now look at how people use their accounts and the quality of customer service they receive.

Which? executive director Richard Lloyd said, "With few consumers moving their finances to different providers, and the existing big banks continuing to hold substantial market power, the inquiry must look beyond ideas to improve information and switching.

"When it reports next month the CMA should propose changes that will incentivise banks to better respond to the needs of their customers."

Tesco bank have suggested using a “traffic light” system of red, orange and green labels to warn people how much their accounts are costing.

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