BBA statement on Office of Fair Trading review of personal current accounts1
25/01/2013

Responding to the Office of Fair Trading report into personal current accounts, British Bankers’ Association Chief Executive Anthony Browne said:

"The banking industry is committed to modernising and improving current accounts so that customers get the best possible service. As the Office of Fair Trading reports today, significant progress has already been made; consumers are now nearly £1 billion better off due to a reduction in charges driven by greater competition, banks now provide annual statements to all customers detailing what they have paid for their service, and banks now provide scenarios so customers know what they will pay if they exceed agreed limits.

"Still more changes are coming down the road, the sale of retail branches will mean that there will be increased choice for consumers and a new £750m system will be launched in September making it easier than ever for customers to switch their current accounts. We welcome the OFT's decision not to refer this issue to the Competition Commission and will continue to work with them to make further improvements for customers and the wider economy."

ENDS

For more information please contact the BBA press office on 0207 216 8989.

Notes to Editors

1. A £750 million payment switching hub will be launched this autumn, including an extensive information campaign to make it easier than ever for customers to switch accounts. For more details see: http://www.paymentscouncil.org.uk/current_projects/account_switching/