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onlyme2

Oft And Competition Commission Probe Into - Banks

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Damn, didn't the OFT do a great job heading off the billions of largely taxpayer sourced refunds on Payment Protection Insurance.

Is there another probe? Have a bet what that will do........

http://www.economist.com/node/5305032 Another day, another probe Allegations of market failure plague banks in their most profitable year ever Dec 14th 2005 | From the print edition
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FOR an industry that likes to think of itself as staid and grey-suited, Britain's banks have been getting far more attention than they would like. Last week the Office of Fair Trading (OFT), a competition watchdog, said that it planned to scrutinise the market for payment-protection insurance on loans, valued at £5.4 billion in 2003. Profit margins on loan-insurance policies appeared high, the regulator said. Just a month earlier, the Financial Services Authority (FSA), the industry's main regulator, said that investigators who went undercover to check into the matter found firms at risk of mis-selling these policies.

The OFT probe is just the latest in a long line of recent inquiries into British retail banking. The Competition Commission, another watchdog, has three investigations in progress. Other British regulators and a parliamentary committee have another ten or so in the works

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