Britain’s Biggest Banks Escape Competition Investigation
The Office of Fair Trading has announced that high street banks in the UK will dodge a current accounts investigation by the Competition Commission, reports The Telegraph. The regulators made the announcement after a five-year investigation that look into high banking fees and the current account market being controlled by limited providers. The Competition Commission said they would wait to see if new regulations, such as reduction of overdraft charges, in the finance industry would prove better customer satisfaction. The OFT said a review to speculate competition in the market was set to take place in 2015.
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