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UK to investigate 'free' banking UK to investigate 'free' banking
(about 10 hours later)
The UK's Treasury Select Committee will launch an investigation into 'free' banking and competition in the sector. The UK's Treasury Select Committee will launch an investigation into "free" banking and competition in the sector.
The decision comes after First Direct was the first bank to announce current account fees in November 2006.The decision comes after First Direct was the first bank to announce current account fees in November 2006.
The Office of Fair Trading (OFT) is examining overdraft charges after claims that customers face unfair fees.The Office of Fair Trading (OFT) is examining overdraft charges after claims that customers face unfair fees.
Separately, the committee plans to examine the private equity industry, which has recently been attacked by unions over job cuts and tax breaks.Separately, the committee plans to examine the private equity industry, which has recently been attacked by unions over job cuts and tax breaks.
Some analysts say that if the OFT puts a limit on charges for customers who go overdrawn, banks could try and raise revenue by another means.Some analysts say that if the OFT puts a limit on charges for customers who go overdrawn, banks could try and raise revenue by another means.
In effect this cap could lead to an end to 'free' banking.In effect this cap could lead to an end to 'free' banking.
Details of the two inquiries by the Parliamentary Treasury Select Committee, which is headed by Labour MP John McFall, are tipped to be issued before Easter.Details of the two inquiries by the Parliamentary Treasury Select Committee, which is headed by Labour MP John McFall, are tipped to be issued before Easter.