Uswitch comments on the Competition and Markets Authority extension of the retail banking market investigation

Commenting on the extension of the retail banking market investigation, Richard Neudegg, Head of Regulation at Uswitch.com says: “This isn’t the first time we have seen deadlines slip on a major Competition and Markets Authority investigation. While it’s disappointing not to see more progress, it’s important that they deliver the right remedies for a market in desperate need of increased competition.

“For too long consumers have suffered the impacts of the lack of competition in the retail banking sector. Low levels of switching reveal the extent of consumer disengagement, making it too easy for the banks to take our custom for granted.

“Despite the problems in the market there are still some innovative accounts and attractive joining bonuses to be had, but it’s not enough. We want to see solutions that force all banks to up their game on customer service and product innovation. We welcome the focus on achieving better outcomes for overdraft users, as it is these customers who end up paying the most for current account services and have the most to gain from switching to a better deal. Overall the industry should be providing clearer information around the true cost of current accounts, as well as ensuring consumers can access better deals.”