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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 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. |
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