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NI bank charges 'should be cut' NI bank charges 'should be cut'
(about 1 hour 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, the Competition Commission has found.
The organisation's final report, published on Tuesday, focuses on the four NI banks which control 75% of the current account market. In a report which followed a complaint by the Consumer Council, 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. A two-year investigation focussed on the four NI banks which control 75% of the current account market.
It says charges were not clear and current account customers faced an unduly complex charging structure. It said 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. Christopher Clarke, Chairman of the Inquiry Group and a Competition Commission Deputy Chairman said: "Our measures will ensure a better deal for personal current account customersin Northern Ireland."
He said that by enabling customers to understand the costs of operating their personal current accounts, they would be "much better placed" to take decisions.
"Customers will also be in a much better position to choosewhich personal current account (PCA) and which bank best suits their own personal circumstances.
"Anincrease in switching bank accounts, or an increase in the possibility of doingso, will incentivize banks to provide better terms and clearer conditions. Suchan increase in competition can only benefit customers."
Since the inquiry began, the banks have introduced fee-free accounts, and there have been several new products launched in recent weeks.
In a statement, the Ulster Bank said: " We agree with the Competition Commission that customers must be encouraged to seek out the best PCA to match their own personal needs and Ulster Bank remains committed to providing clear information to help them do so.
"Our current campaign offers £150 to customers who switch to Ulster Bank and we are confident that the range of services we offer will continue to attract growing numbers of new account holders."
The Northern Bank said it was confident in its current accounts and supported any recommendations to improve transparency and clarity of information for consumers.
"This can only help consumers make informed comparisons between banks," it said.