OFT warns banks on account charges - papers 16 July

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. A...