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Bank charges news: OFT issues warning over competition

Britons who are peeved about the number of bank charges they are being forced to pay should have more opportunities to switch provider.

This is the view of the head of the Office of Fair Trading John Fingleton, who has suggested the banking sector needs to undergo a "step change".

He insisted that it is currently too difficult for people to switch to another bank account if they are unhappy with the service being offered.

Banks have recently been urged to eradicate "sneaky" charges that are issued to account holders who have overdrafts, loans or credit cards and it seems that Mr Fingleton is desperate to see even more radical changes throughout the industry.

"In banking markets consumers frequently face difficulties in understanding the true cost of running their account and comparing deals from alternative providers," he commented.

Mr Fingleton added that the emergence of new banking options offered by Virgin Money and Tesco is a positive step towards increasing competition in the banking sector, but he warned that there is still a long way to go before a consumer-friendly system is in place.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801295989-ADNFCR

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