News - 6 November 2014 13:04

Post Office® Comments On The Confirmation Of The CMA’s Current Account Investigation

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.”

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Topics

Personal finance

Contacts

Post Office Press Office

Press contact Please note this line is strictly for the Post Office Media enquiries, not Royal Mail enquiries. Royal Mail are responsible for the delivery of letters and parcels as well as stamps pressoffice@postoffice.co.uk 0207 012 3456

Karim Aziz

Press contact Head of Media Relations karim.aziz@postoffice.co.uk 0207 012 3456

Emma Hancock

Press contact Senior PR & Campaigns Manager Emma.Hancock@postoffice.co.uk 020 7012 3456

Sheila Tapster

Press contact Press Officer sheila.tapster@postoffice.co.uk 020 7012 3456

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