The Guardian - OFT targets current account fees

A widely expected crackdown on the level of current account overdraft charges has been put on hold while banks and building societies are subjected to further scrutiny, it was announced today.
The Office of Fair Trading (OFT) had been expected to publish the results of its initial review of bank fees shortly, and was predicted to recommend a maximum level for the charges.

However, it said today that although it shares consumers' concerns about the level of fees, a flat cap on them would be impossible because of the different ways banks and building societies run accounts.

Instead detailed investigation was needed to work out how charges could be made fairer without account providers simply adding new fees elsewhere, the OFT said.

Emma Bandey, personal finance campaigner at the consumer group Which?, said it was right that the OFT investigate pricing across the board.

Ms Bandey said customers who had paid bank charges should act now to reclaim them, rather than waiting for the OFT's final report.

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