On 28 September 2010, the Office of Fair Trading (“OFT”) issued a progress update on the work that has taken place in order to resolve competition concerns identified in its 2008 market study on the personal and current accounts (“PCA”) market. Focus points of the review include problems with switching PCA providers, low levels of transparency of PCA charges and other costs, and complexity and lack of control over the use of unarranged overdrafts. The OFT found that improvements had been made but it will continue to monitor the market. A new update is expected in March 2011. Click here for more information.