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UK: Did the OFT miss its opportunity to crack down on banks?

By  |  January 28, 2013

The Office of Fair Trading decided last Friday to not initiate a full Competition Commission investigation into the banking sector, though simultaneously listed the multitude of problems that persist for banking consumers, including too-complex overdraft fees and the difficulty consumers face when attempting to switch banks. The OFT’s decision to not open an investigation was called “disappointing” by consumer group Which? In this op-ed, some analysts argue that the OFT missed an opportunity to overhaul the high street banking sector for the good of consumers, but note that because banks make it so difficult to switch banks, consumers simply do not do so, meaning there is not much need for banks to compete for new business.

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