OFT announce in-depth study of retail bank pricing
After an initial review into bank current account charges, the OFT announced, on 29 March 2007, that it would be conducting an in-depth study of retail bank pricing. The OFT expects that its study will be completed by the end of the year.
In particular, the OFT recognises that the application of the general principles it set out in 2006 to the banking industry is not straightforward and that a more detailed examination is needed.
John Fingleton, OFT Chief Executive said: "A quick-fix solution is not the answer as this might be of limited long-term benefit and could have unintended and far-reaching consequences across the whole sector and on consumers as a whole. We will look forward to co-operation from the banking sector in reaching a conclusion to this matter which is satisfactory to consumers and which will strengthen competition, efficiency and customer outcomes in the UK retail banking sector."
Frontier (London) has advised two of the UK's major High Street retail banks throughout the OFT's initial inquiry on contractual, regulatory and strategic issues.
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