The BBA is the voice of the banking industry for all banks who operate within the uk
OFT admits bank fees need further study
29/03/2007
The BBA notes the fact that, following our six-month collaborative fact-finding exercise, the OFT acknowledges that the issue of bank account fees is more complicated than it first thought and that the application of the legal principles to overdraft fees is not as straightforward as it was for credit card charges.
The OFT has announced it will need to conduct a more detailed study of retail bank pricing and current account fees in the UK. We welcome the OFT comments that the UK retail banking market performs well in many dimensions, especially relative to international norms.
For further information, please contact:
Brian Capon, Head of media relations (020 7216 8810 brian.capon@bba.org.uk )
Notes to Editors:
1. We understand the OFT intends to issue the terms of reference for its investigation in late April and we look forward to engaging in a dialogue with them.
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