The Office of Fair Trading (OFT) today threatened to report banks to the Competition Commission after finding that the current account market did not offer good value for customers, The Times reports.
Following an investigation by the competition watchdog into the £8bn current account industry, John Fingleton, chief executive of the OFT, said that retail accounts were a "vital gateway to effective participation in the economy. "But this market is not serving customers well," he said. "There is much the banks could do to improve how the market works."
The OFT will spend the coming months working with banks and consumer groups to improve the industry but, if necessary, would consider imposing heavier regulation of current accounts or making a referral to the Competition Commission.
AMERICA’S LEADING FINANCIAL regulator is to put in place emergency measures to stop short-sellers from using "naked shorting" to target mortgage companies Fannie Mae and Freddie Mac as well as investment banks Lehman Brothers, Merrill Lynch, Goldman Sachs and Morgan Stanley, according to The Telegraph.
The emergency order from the Securities and Exchange Commission (SEC), which comes into effect from Monday, July 21, will effectively force any trader who wants to short – or sell – shares in one of these entities to first pre-borrow the shares, which the lender will then take out of the market and not allow other traders to use.
FACING A DISASTROUS slump in sales of its flashy gas guzzling pick-up trucks and sport-utility vehicles, the world's biggest car manufacturer, General Motors, said yesterday that it needs to raise $15bn (£7.5bn) by 2009 if it is to weather the storm ahead, The Independent reports.
It is the second major revamp which GM has announced in six weeks. Denying reports that the company was nearing insolvency, Dan Flores, a spokesman, said: "Bankruptcy protection is not an option that GM is considering."IFAonline
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation