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UK: Banking sector needs major work, says OFT review

By  |  January 25, 2013

The Office of Fair Trading has completed its review of the personal current account (PCA) market, concluding that major changes are still in order for the sector which currently, according to the OFT, is not focused enough on customers’ needs and which maintains considerable competition concerns. The sector, worth more than $14 billion, was part of a widespread OFT review, the last one having taken place in 2008. In its report the Office has found that since the last review, major banks have increased their market shares and found “infrequent” entry into the sector by new competitors. Additionally, the report shows consumers rarely switch banks. And while it found that overdraft fees “remain too complex,” the OFT did find that nearly $1.5 billion has been saved in overdraft fees by consumers due to the fall in those fees between 2007 and 2011.

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