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Ireland: Advocates call for new watchdog to launch its own bank probe

 |  November 10, 2014

As UK competition authorities get underway with an in-depth investigation into the banking industry, Ireland’s new competition watchdog is being met with mounting pressure to launch its own bank probe.

According to reports, independent consumer lobby group the Consumers Association is calling for Ireland’s Competition and Consumer Protection Commission to follow suit with the UK’s Competition and Markets Authority as criticism mounts over high bank fees and weak competition.

While the CCPC did not specify whether it plans to launch an investigation into the industry, it acknowledged room for improvemene.t “The market is offering consumers fewer and fewer alternatives, little or no certainty for switchers and a lack of innovation in terms of ‘clever use’ pricing packages,” the watchdog said.

Ireland combined its National Consumer Agency and Competition Authority to form the new CCPC just days ago.

Full content: The Independent

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