OFT to investigate current accounts by Finance News Bulletin

Published: 17/12/07

As a number of fee and speed increases hits the credit card market, it is "more important than ever" that people shop around for a good contract, according to WhichInternet shoppers have been advised to use their credit cards for online purchases by shopsafeco

ukThe Office of Fair Trading has announced that it is to launch an study into current account chargingAnd the news has been welcomed by a variety of consumer interest groups, with many saying such an study is overdueAccording to the nationwide Consumer Council (NCC), banks "must deliver a fair contract for consumers"

Ed Mayo, NCC chief executive, called for banks to be practical in revealing their charge rates and policies "and stop dragging their client service reputation further into the mud by waiting for narrow action"Meanwhile, Tony Herbert of Citizens Advice said his organisation "welcomes" information of the investigation"Evidence from local bureaux shows that store charges have a disproportionate effect on populace already on low incomes," he addedAccording to the British Banker's friendship, the banking industry "continues to believe that the fees are legal"

A orator said that British banks have been "independently recognised" for contribution "value for money

Visit original article: