OFT to investigate current accounts

The Office of Fair Trading has announced that it is to launch an investigation into current account charging.

And the news has been welcomed by a range of consumer interest groups, with many saying such an investigation is overdue.

According to the National Consumer Council (NCC), banks “must deliver a fair deal for consumers”.

Ed Mayo, NCC chief executive, called for banks to be proactive in revealing their charge rates and policies “and stop dragging their customer service reputation further into the mud by waiting for regulatory action”.

Meanwhile, Tony Herbert of Citizens Advice said his organisation “welcomes” news of the investigation.

“Evidence from local bureaux shows that bank charges have a disproportionate effect on people already on low incomes,” he added.

According to the British Banker’s Association, the banking industry “continues to believe that the fees are legal”.

A spokesman said that British banks have been “independently recognised” for offering “value for money and services tailored to customer needs”.

© Adfero Ltd

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