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16 July 2008

OFT publishes market study on personal accounts

On 16 July 2008, the OFT published its market study on personal accounts. In essence, it has, after 15 months, reached the blindingly obvious conclusion that the banks are ripping their customers off. They do not actually express it in so many words. It uses phrases like:

"market as a whole is not working well for consumers"

"a substantial cross subsidisation from those consumers who incur insufficient funds charges to those who do not"

"there is a substantial misalignment between the banks’ revenues and their costs on many of their products and services"

For anyone with the stomach to read it all, you can find the documents on the OFT website at:

Press release announcing publication

Executive summary of report (pdf download) – link may not work from OFT website, but you can download it from here

Full report (pdf download)

Published and promoted by Bob Egerton, TR2 4RS