The Competition and Markets Authority (CMA) has found that essential parts of the UK retail banking sector lack effective competition and do not meet the individual needs of consumers. Following a rejected appeal from Britain’s biggest banks, the CMA has confirmed its investigation into the personal current account market to ensure greater competition and a better offering for consumers.
John Willcock, Head of Current Account at Post Office comment: “Today’s news that the Competition and Markets Authority is ready to investigate the current account market in the UK is extremely welcome; people need reassurance that the current account market is working in their best interests, and competition is a vital part of this.
“The introduction of measures like the Payments Council’s seven day switching guarantee have gone some way to provide people with greater confidence to switch provider. The FCA’s plans to explore the issue of portable bank account numbers later this year is another step in the right direction. However, further work is needed to ensure customers understand they have the choice to shop around, and can rely upon the switching process. Competition is all about offering people a choice, and Post Office is pleased to be part of the solution by offering an alternative for those looking for a new provider.”