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The OFT to Investigate UK Personal Current Account Charges

Personal_Finance / UK Banking Apr 28, 2007 - 03:04 PM GMT

By: Shahla_Walayat

Personal_Finance In a recent statement the Office of Fair Trading announced that it is launching an study into personal bank current account pricing, alongside a formal investigation into the fairness of charges for unauthorised overdrafts and returned items.


The study will help be to the OFT consider the current level and incidence of the bank charges in the broader context of efficiency, transparency, value and consumer choice within personal current accounts. It is anticipated that this will be the most wide-ranging study into personal banking to date.

This follows the OFT's recent fact finding exercise into unauthorised overdraft charges. 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.

The wider study will examine:

  • whether the widespread provision of so-called free banking delivers sufficiently high levels of transparency and value for customers
  • the implications for competition and consumers if there were a shift away from the widespread provision of these type of current accounts, and
  • the fairness and impact on consumers of the incidence and level of unauthorised overdraft charges, in the context of other charges and any interest payments made for current account services.

John Fingleton, OFT Chief Executive, said: 'This market study will enable the OFT to consider wider questions about transparency and value in the provision of personal current accounts. This will provide the necessary context for assessing the fairness of unauthorised overdraft and returned item charge before we apply the law in this area. 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.'

For further information on the OFT Study visit http://www.oft.gov.uk

The Market Oracle has lauched their own survery on the 26th of April 07 to find which Bank offers the best Personal banking services in the UK, which is open to public participation via voting from a choice of near 30 banks. For further information on the survey click here http://www.marketoracle.co.uk/Article861.html to go straight to the voting booth http://www.marketoracle.co.uk/Poll-5.html for current results http://www.marketoracle.co.uk/Poll-5results.html

Ealry findings of the survey indicate that of the 29 choices the top 3 banks in terms of personal banking services are -

1. Abbey National
2. Nationwide
3. Halifax / HBOS

Full results and analysis of this survey will be made available during Mid May 2007.

By Shahla Walayat

The Market Oracle is a FREE Daily Financial Markets Forecasting & Analysis online publication. We present in-depth analysis from a range of experienced market analysts on their views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on probable market direction.http://www.marketoracle.co.uk


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Dickon Walker
09 Sep 08, 05:29
Excessive Charges for exceeding Overdraft Limite

I understood that banks were required by the courts to return charges debited to accounts for the last six years. I have applied to my bank - Natwest - and they say that they are waiting for the court cases to be completed before they will credit my account. I understood that the court of appeal had thrown the banks case out. Therefore, I understand, the court cases are now complete. Do I have any recourse?


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