Response to the Office of Fair Trading’s decision not to refer the personal current account market to the Competition Commission

Which? executive director, Richard Lloyd, said:

“It’s disappointing that current account providers have been let off the hook when the Office of Fair Trading found such damning evidence of people being let down by the banks.

“Further action by the competition authorities still looks inevitable.  The changes underway in retail banking are simply not enough to transform shoddy customer service or prevent banks charging unfair fees.

“Everyone agrees that a big change is needed in banking. The recent collapse of the sale of Lloyds’ branches to the Co-op was a further setback to the Government’s efforts to tackle the unhealthy dominance of our biggest banks.

“Greater competition is urgently needed on the high street to make the banks work for customers, not bankers.”

Statement