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Bank charges: Banks should focus more on customers' needs says OFT

Banks need to do more to be competitive and appeal to customers’ needs, the Office of Fair Trading (OFT) has said.

In its review of the personal current account market (PCA) the OFT said that, although banks had made improvements, it is difficult for consumers to compare current accounts, which in turn has made customers less confident in switching accounts.

The OFT also felt that the PCA was not working well for consumers due to a lack of competition, innovation and diversity in terms of the current accounts available.

It called for banks to be more transparent in their current account costs as this has been causing customers to be more apathetic about their banking.

Consumers had saved £928 million in total, the review stated, due to a fall in charges on unarranged overdrafts but the OFT called for further improvements on this.

Potentially as a result of this, the OFT also noted an increase in charges to arranged overdrafts.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801529056-ADNFCR

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