The Times - New probe into bank charges

OFT to initiate a full-scale investigation saying it has "real concerns" over level and frequency of bank charges

The Office of Fair Trading (OFT) said today that it would be mounting an in-depth study of bank charges on current accounts after a five-month investigation determined that there were issues of "real concern" to customers.

The OFT revealed in September that it was to carry out a "short preliminary study" into current account bank charges, usually imposed when customers go beyond their overdraft limits.

John Fingleton, the OFT chief executive, said today:

"The issue of bank current account charges is a matter of real concern to the banks' customers, and raises wider questions about competition and transparency of pricing."

He added: "The initial scoping work we have undertaken has demonstrated to us that this is not only an issue for those people who are being charged, but also for customers who are not defaulting on their bank accounts."

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