Uswitch welcomes CMA current account investigation
The Competition and Markets Authority (CMA) has today announced its decision to conduct a market investigation into personal current accounts. David Mann, Head of Money at Uswitch.com, says: “This is an important first step towards fixing the many ailments of Britain’s broken banking sector. True competition is needed to break the big four’s oligopoly over our bank accounts. However, the two years that a full investigation is likely to take is too slow and more needs to be done to help consumers in the here and now.
“The iron grip held on the current account market by the big four banks has bred a culture of complacency. Consumers can see virtually no difference between the services offered by different banks and, as a result, dissatisfaction levels are running high. We will only know that competition is working effectively when banks start putting customers at the heart of their business strategy, and deliver a world class service.
“The quicker reform happens, the better. In the meantime, people can take advantage of the existing seven day switching legislation that makes it quicker and simpler to vote with your feet.”
FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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