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OFT release intial report on remedies re PCA market study

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Market study into personal current accounts

 

7 October 2009

The OFT has published a follow up to its 2008 report on Personal current accounts in the UK. The follow up report details how banks will be making the costs of current accounts more transparent and how switching between current accounts has been made easier for consumers.

To combat low levels of price transparency most current account providers will:

 

  • make charges more prominent on monthly statements
  • provide information on average credit and average debit balances, and
  • provide illustrative scenarios showing unarranged overdraft costs.

To improve the ease of switching between PCAs:

 

  • a new consumer guide and website have been introduced
  • measures to reduce the number of problems that arise with the transferring of Direct Debits have been taken, and
  • consumers should not be adversely affected by any problems caused by the switching process.

Download Personal current accounts in the UK - A follow up report (pdf 1.79Mb)

 

 

 

 

Source: OFT


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FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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Market study into personal current accounts

 

7 October 2009

The OFT has published a follow up to its 2008 report on Personal current accounts in the UK. The follow up report details how banks will be making the costs of current accounts more transparent and how switching between current accounts has been made easier for consumers.

To combat low levels of price transparency most current account providers will:

 

  • make charges more prominent on monthly statements
  • provide information on average credit and average debit balances, and
  • provide illustrative scenarios showing unarranged overdraft costs.

To improve the ease of switching between PCAs:

 

  • a new consumer guide and website have been introduced
  • measures to reduce the number of problems that arise with the transferring of Direct Debits have been taken, and
  • consumers should not be adversely affected by any problems caused by the switching process.

Download Personal current accounts in the UK - A follow up report (pdf 1.79Mb)

 

 

 

 

Source: OFT

 

Do you have a personal opinion on any of this information Yourbank? You have nothing to say about the filth I have highlighted? It's like the mafia extortion boys telling you well in advance exactly how much they are going to collect. That's damn helpful of them! Jolly nice of them! Unfortunately, the real problem is the poor sods that caught by this disgusting charges don't have the money to pay them!!! :rolleyes: I know you were only posting the OFT information, but i'm surprised that you had nothing to say about it.

Edited by renegotiation

What sort of world do you want your kids to grow up in?

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