OFT launches new current account review

OFT launches new current account review // OFT launches new current account review
OFT launches new current account review
OFT launches new current account review
As the OFT launches a review of the current account market, we look at your options if you fancy a change.
The Office of Fair Trading (OFT) is launching a new review of the current account market.
The OFT’s review will look at how effectively the banks have responded to a previous OFT study in 2008. In particular, the OFT will focus on the following issues:
- Are banks providing better information on account charges?
- Do customers have more control over their accounts?
- Has it become easier to switch banks?
Given the recent problems at NatWest and Barclays , I’m delighted that the big banks are going to be under more pressure to improve their service and make it easier to switch accounts.
That said, switching has already got a lot easier in the last few years, so there’s no need to hold back and wait for the next OFT report before you decide to move your account. If you’re unhappy with the service you’re receiving, I’d urge you to get cracking and switch now!
And I’m pleased to see that the level of switching has already risen significantly in recent weeks. Nationwide says that the number of people switching current accounts to the building society has risen 67% while Norwich & Peterborough has reported that switching has doubled!
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