On 28 September the OFT released the latest progress update for its work within the personal current account market. It has been working to ensure the implementation of various initiatives within the market to achieve an equilibrium between the products offered by the providers and the maintenance of effective competition.
This update forms part of the ongoing six-monthly monitoring process following the Personal Current Accounts market study in July 2008. The update assesses the progress made towards greater transparency of charges, simplifying the use and control over unarranged overdrafts and reducing the number of problems experienced by customers when switching service providers.
The update highlights improvements in each of the three areas identified but notes that there is still scope for further improvement in relation to the accessibility of information and the number of providers implementing such incentives. The next update is due to be published by the OFT in March 2011.