It’s been nearly two years in the making but now a sweeping investigation into Britain’s £10 billion-a-year banking business has concluded that overdraft fees should to be capped. The recommendation by the competition watchdog is part of a package of measures that could save customers £1 billion over five years.
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The Competition and Markets Authority’s report into personal and business banking says competition is weak in the banking industry. But it stopped short from suggesting that the biggest banks should be broken up, saying that would not ‘significantly improve’ the market.
The regulator said it was hard for customers to work out whether they were getting good value from their banks because charges were so complicated. In addition, many customers thought it was difficult and risky to change banks. Consequently, the CMA said nearly half of consumers had stayed with their bank for more than 10 years and nearly 40 per cent for more than 20 years. That
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