OFT probes 'free' banking

Switch for the chance to WIN!

Switch before July 31st for the chance to win an Amazon Echo Show.
T&Cs apply, details here https://switch.ukpower.co.uk/june-promo

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 01/04/17 and 30/09/17, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch.com saved £491 or more.

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.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more