OFT has launched a review of how the market for personal current accounts (PCAs) has evolved since the OFT’s study of 2008, which resulted in industry commitments on switching, transparency and unarranged overdrafts. This review fits into the wider OFT programme to ensure a more competitive and consumer-focused retail banking sector, and complements the Independent Commission on Banking’s recommendations on PCAs and the Government’s "Consumer Credit and Personal Insolvency Review" in respect of unarranged overdrafts. OFT intends to publish the results of the review by the end of 2012. It is planning also to review payment systems and banking for SMEs. (Source:Review of Personal Current Accounts in the UK)
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OFT launches personal current accounts review
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