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| NI bank charges 'should be cut' | NI bank charges 'should be cut' |
| (20 minutes later) | |
| Northern Ireland consumers should be paying fewer bank charges following an inquiry by the Competition Commission. | Northern Ireland consumers should be paying fewer bank charges following an inquiry by the Competition Commission. |
| The organisation's final report, published on Tuesday, focuses on the four NI banks which control 75% of the current account market. | |
| In a two-year investigation, the commission found a lack of competition in the Northern Ireland banking market. | In a two-year investigation, the commission found a lack of competition in the Northern Ireland banking market. |
| It says charges were not clear and current account customers faced an unduly complex charging structure. | It says charges were not clear and current account customers faced an unduly complex charging structure. |
| The commission concluded that Northern Ireland customers incurred higher charges and received lower levels of interest than elsewhere in the UK, and that they were reluctant to switch banks. | The commission concluded that Northern Ireland customers incurred higher charges and received lower levels of interest than elsewhere in the UK, and that they were reluctant to switch banks. |
| It has called on banks to provide customers with clear explanations and annual summaries of charges. | It has called on banks to provide customers with clear explanations and annual summaries of charges. |
| It has also demanded that banks make it easier for customers to switch to rival institutions. | It has also demanded that banks make it easier for customers to switch to rival institutions. |
| If the banks do not comply, they can be fined. | If the banks do not comply, they can be fined. |
| Since the inquiry began, the banks have introduced fee-free accounts, and there have been several new products launched in recent weeks, ahead of Tuesday's final report from the commission. | Since the inquiry began, the banks have introduced fee-free accounts, and there have been several new products launched in recent weeks, ahead of Tuesday's final report from the commission. |