Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Uk Banks Face Full Cma Competition Probe - New Bankbail?

Recommended Posts

http://www.bbc.co.uk/news/business-28361778

Markets watchdog the Competition and Markets Authority (CMA) has recommended a full competition inquiry into banks.

The provisional decision recommends a full-scale inquiry into the banking sector including the provision of current accounts and business lending.

The process will start with a consultation, and the CMA will take a final decision in the autumn.

..

"There are a lot of under-satisfied customers out there, and small businesses are saying they are not happy," he added.

The CMA said:

  • many customers saw little difference between the largest banks in terms of the services they offer.
  • the number of consumers shopping around and switching between banks remained low - just 3% a year for personal accounts.
  • current account overdraft charges were found to be very complex, making it harder for bank customers to choose the cheapest or most appropriate accounts.
  • free banking may be distorting competition.
  • it was still difficult for newer and smaller "challenger" banks to get into the industry, particularly in Scotland and Northern Ireland.

Hmmm allowing the banks to charge £15 a month for a current account would help boost profits nicely. Is this a cynical attempt to get the consumer to bailin the banking system?

Share this post


Link to post
Share on other sites

I don't get this at all. If I have been charged £20 in all the time I have been banking that doesn't sound like I have been ripped off. We would all like more interest on our savings FLS has been more of a rip off than anything else. Now they seem to be saying banks must charge us to increase competition. :blink: .

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   211 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.