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| Version 6 | Version 7 |
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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, the Competition Commission has found. | Northern Ireland consumers should be paying fewer bank charges, the Competition Commission has found. |
| In a report which followed a complaint by consumer organisations, the commission found a lack of competition in the Northern Ireland banking market. | In a report which followed a complaint by consumer organisations, 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. | A two-year investigation focussed on the four NI banks which control 75% of the current account market. |
| It said 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. |
| The commission said customers should get a summary of charges | The commission said customers should get a summary of charges |
| If the banks do not comply, they can be fined. | If the banks do not comply, they can be fined. |
| 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 customers in Northern Ireland." | 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 customers in 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. | 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. |
| This is arguably the single biggest consumer victory of our time Steve CostelloConsumer Council href="http://newsforums.bbc.co.uk/nol/thread.jspa?threadID=6318&edition=1">Have your say: Rip-off NI? "Customers will also be in a much better position to choose which personal current account (PCA) and which bank best suits their own personal circumstances. | |
| "An increase in switching bank accounts, or an increase in the possibility of doing so, will incentivize banks to provide better terms and clearer conditions. Such an increase in competition can only benefit customers." | "An increase in switching bank accounts, or an increase in the possibility of doing so, will incentivize banks to provide better terms and clearer conditions. Such an increase in competition can only benefit customers." |
| Consumer Council chairman Steve Costello said the commission's decision was "arguably the single biggest consumer victory of our time", which would shift the power from banks to their customers. | Consumer Council chairman Steve Costello said the commission's decision was "arguably the single biggest consumer victory of our time", which would shift the power from banks to their customers. |
| "This comprehensive package of remedies will ensure that switched-on consumers can and will drive a better deal in a more competitive market," he said. | "This comprehensive package of remedies will ensure that switched-on consumers can and will drive a better deal in a more competitive market," he said. |
| "There has been more change in the banking market here in the last three years than in the last 30 years." | "There has been more change in the banking market here in the last three years than in the last 30 years." |
| Since the inquiry began, the banks have introduced fee-free accounts, and there have been several new products launched in recent weeks. | 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. | 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." | "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. | 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. | "This can only help consumers make informed comparisons between banks," it said. |