BBC - OFT Study launched into bank charges

After six months of an informal scrutiny of current account charges the OFT has decided that a much bigger investigation is needed.

The informal study had been widely expected to conclude that bank current account fees are too high.

But the OFT wants to make sure that if such charges are reduced they do not just lead to higher charges elsewhere.

'A quick-fix solution is not the answer as this might be of limited long-term benefit and could have unintended and far-reaching consequences across the whole sector and on consumers as a whole'

said the OFT's chief executive John Fingleton.

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