OFT to investigate “fairness” of current account charges

Described as the most wide-ranging study of its kind, the OFT will pay particular attention to the charging of consumers who have items returned or who enter an overdraft without authorisation to do so.

With these charges impacting thousands of those people struggling to find a debt solution and facing often serious
debt management difficulties, the OFT suggests that it “shares public concern” that banks could indeed be levying unfair charges on their current accounts.

John Fingleton, OFT chief executive, said: “Our ultimate objective is a competitive retail banking market in which informed and active consumers drive strong competition and high levels of customer service among banks long-term, with minimum regulatory intervention.”

Meanwhile, consumers with mounting credit card debt might be interest to discover the results of an OFT investigation into credit card interest rate calculation methods, which are due to be published in a little over two months time.

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