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|CMA measures ‘unlikely to go far enough’ on overdraft charges|
|Tuesday, 09 August 2016|
The Competition and Markets Authority (CMA) has today published the report of its retail banking market investigation, announcing several measures to improve competition in the market.
Jane Tully, director of external affairs at the Money Advice Trust, the charity that runs National Debtline, commented: "We are pleased to see Open Banking data sharing and easier account switching at the centre of the CMA’s proposals for retail banking. Event-based ‘prompts’ to ensure that customers are encouraged to shop around at key points are particularly welcome.
“For customers in financial difficulty, however, high unauthorised overdraft charges are a far more pressing concern.
“The CMA’s proposed monthly maximum charges are a small positive step, but are ultimately unlikely to make the difference required. Their impact should be reviewed early – and the FCA should be prepared to step in with an industry-wide cap if they do not significantly reduce the charges being paid by people who fall into difficulty.”
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