Another banking inquiry
The UK's Office of Fair Trading (OFT) has today launched a market 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 the OFT consider the current level and incidence of the charges in the broader context of efficiency, transparency, value and consumer choice within personal current accounts. 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.
Frontier (London) is advising HSBC.
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