Uswitch.com comments on the OFT review of the current account market
In response to the Office of Fair Trading (OFT) review of the current account market, Michael Ossei, personal finance expert at **Uswitch.com**, says: “We view this latest report from the OFT with a degree of skepticism, as we have heard much of this before in the review three years ago. Consumers are now looking for concrete action rather than empty promises.
“For too long, UK banks have not served consumers’ needs. Hopes that new entrants would significantly shake up the industry haven’t come to fruition, and both a lack of transparency and poor innovation have meant that people’s banking habits have changed very little since the last OFT report in 2008.
“But banks are not all to blame. Consumers need to start questioning and asking for more from their banks – knowledge is power. The last OFT review outlined annual account statements to be delivered regularly to consumers, providing a clear breakdown of the costs and fees levied on their accounts. These would have presented all the information on one piece of paper, enabling consumers to make an informed decision about whether to switch. Unfortunately though, these statements are few and far between.
“Change does look set to take place in September, with a new switching service that should allow customers to move between banks in seven days. While this is certainly a step in the right direction, the onus will always be on the customer to make the first move.”
FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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