Consumer Council Welcomes CMA Current Account Proposals
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.
CMA’s analysis of the NI market found that personal current account customers could save on average about £85 a year if they switched, with larger gains for overdraft users of £115 a year on average.
Speaking about the CMA report, the Consumer Council’s Director of Operations, Don Leeson said: “The Consumer Council welcomed the measures proposed by the CMA. They will help protect consumers from hefty overdraft fees, and encourage consumers to shop around for an account which suits their needs and offers them the best deal.
"Switching bank accounts is an easy process. Consumers can get a copy of our guide to switching their bank account at www.consumercouncil.org.uk, by contacting us on 0800 121 6022 or via facebook or twitter.”
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