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The Consumer Council said today that the Competition Commission’s final judgement on the £2 billion Northern Ireland personal current account market (PCA) will change the face of banking in Northern Ireland and right across the United Kingdom. As a result of the super-complaint issued by Which? and the Consumer Council, this package of final and binding decisions will fundamentally shift the power in this marketplace from the banks to their customers where it belongs.

The Consumer Council today gave its full support to the Northern Ireland Executive’s decision to defer water charges and conduct a short and focused independent review into water reform. In particular it welcomed new Minister, Conor Murphy’s open and transparent approach to the issue and pledged its commitment to working positively and proactively with him and the Assembly to drive for a fair deal for consumers and a high quality water and sewerage service.

Today is another groundbreaking day for consumer power in the personal current account market here. As the Competition Commission prepares to announce the findings of its thorough two-year investigation prompted by the Consumer Council’s super-complaint, the Ulster Bank has made a momentous move towards injecting real competition into the banking market for customers wanting to switch accounts.