OFT market study into GB personal current bank accounts

OFT decision (8 pages, PDF) to conduct a market study into personal current accounts in Great Britain.

This will "sit alongside" enforcement action against allegedly unfair penalty charges under the Unfair Terms in Consumer Contracts Regulations 1999. The OFT justifies any delay to enforcement action by reference to:

the need to consider unauthorised overdraft charges and returned item fees in a broader context, including the range of credit and debit interest rates and other charges levied for the bundle of services provided by personal current accounts, as well as the competitive dynamics in the market for providing such accounts, including links to the provision of other retail banking products. The market study will provide this context.

The OFT cites with approval the Competition Commission's 2005-2006 market investigation into Northern Ireland personal banking.

For further information or advice please contact Franck Latrémolière.

Filed under OFT.

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