Moves aimed at making banks work harder for customers have been welcomed by the Consumer Council.
Following the Bank of Ireland decision to close eight of their bank branches later this year, the Consumer Council is encouraging affected consumers to proactively ensure that their bank account continues to meet their needs and provide the best deal overall.
The Consumer Council has welcomed the Competition and Markets Authority’s proposals that would see banks capping their overdraft charges, prompting customers to consider switching and making it easier to compare current accounts.
Commenting on the Competition and Markets Authority’s provisional findings on banking, John French, Consumer Council Chief Executive said: “The CMA report has highlighted the need to simplify and clarify the account switching process for customers across the UK. Banks have a responsibility to consumers to provide clear and easily comparable information, so consumers can make informed choices about their own account and provider.
The Consumer Council has welcomed the Northern Ireland Affairs Committee (NIAC) report on the banking industry in Northern Ireland, which shows that banks in NI need to do more for their personal and business customers.
It’s World Consumer Rights Day on 15 March and the Consumer Council is joining with many other consumer bodies around the world to highlight this year’s theme of healthy, affordable diets.
The Consumer Council and NICVA have welcomed the release of the final report of the CMA’s payday lending market investigation. The findings highlight a worrying lack of competition in the payday loan market and confirm the difficulties consumers face in comparing and choosing payday loan products.
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