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Banking industry disagrees with report
An investigation by the Office of Fair Trading (OFT) which has based its findings on figures from 2006 has found that, in its opinion, the current account market is not offering good value to consumers.
John Fingleton, the chief executive of the OFT, said “There is much banks can do to improve how the market works”. The OFT will be spending the coming months working alongside the banks in order to help improve their standards but have said they would be willing to impose heavy regulation regarding current accounts or will make a referral to the Competition Commission.
The Chief Executive of the British Bankers’ Association was unhappy with the findings of the report and was dismissive of the report’s claim that each active account made banks on average £152. She said that banks would have to make up their revenue from other charges if it was forced by the OFT to lower their current charges.
Amongst the report’s findings were;
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