Better banking in Belfast

Improvements to current accounts were discussed at a high-level conference in Belfast today where key industry figures met to discuss recent Competition Commission changes.

The British Bankers’ Association’s, ‘Future of Banking’ conference outlined recent measures to increase competition in the market in Northern Ireland.
These include measures to:

provide better and clearer information at appropriate times;
give 14 days notice before charges and debit interest are taken from an account; and
provide more guidance on account switching for customers.

Angela Knight CBE, Chief Executive of the British Bankers Association, said: “Banks are keen to keep customers informed and to give them clear information to help them manage their money. Many of the Competition Commission’s measures are already reflected in the best industry practice and I am keen to see examples of good practice being shared between colleagues so we can improve the quality of our service. This is not just good for customers – but good for banks as well.

Ms Knight said banks were committed to a coordinated approach to bringing in improvements for customers and were currently working on the review of the Banking Code.

Christopher Clarke, Chairman of the Northern Ireland PCA inquiry and Deputy Chairman of the Competition Commission, spoke in detail about remedies aimed at providing a more robust banking model for customers in Northern Ireland. He said the next step would be the implementation of ‘better and clearer information’ by April 2008. The remainder of remedies would be in place by October 2008. The Banking Code Standards Board and Office of Fair Trading will monitor the implementation of the measures.

The industry in Northern Ireland worked closely with the Competition Commission on its proposals. The conference was attended by consumer groups, banks and regulators.