interestrateripoff Posted July 19, 2014 Share Posted July 19, 2014 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? Quote Link to comment Share on other sites More sharing options...
gf3 Posted July 19, 2014 Share Posted July 19, 2014 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. . Quote Link to comment Share on other sites More sharing options...
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