OFT bank charges

Commenting on the announcement that the OFT is to launch a formal investigation into bank charges Stuart Glendinning, managing director at moneysupermarket.com, said:
“The millions of bank customers may be disappointed to hear that no lowering of changes are likely to be forced upon the banks in 2007.

“However, I actually welcome that this exercise is not going to be rushed. Far too often we see regulatory bodies, or other consumer interest organisations, forcing lower charges upon the banks only for new fees to be created elsewhere. I hope the banks and the OFT can work together to bring about a charging structure that is both appropriate and easily understood. A headline grabbing reduction in certain charges, which is what I would expect to see, will be pretty ineffective if the providers simply increase other charges or invent new fees.”