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Report due over NI bank charges NI bank customers 'paying more'
(40 minutes later)
A report into charges imposed on customers' accounts by Northern Ireland's four main banks is due to be published. Customers in Northern Ireland pay more for banking and get lower rates of interest on savings, according to the Competition Commission.
The inquiry was set up in May last year following a so-called "super-complaint" from the Northern Ireland Consumer Council and the consumer group Which. It has published a report into charges imposed by NI's four main banks.
The Competition Commission has been investigating it. The commission found there was a "lack of clarity on charges and unduly complex charging structures".
Among the complaints are that there are charges levied which are not imposed elsewhere in the UK. An inquiry was set up in May last year following a so-called "super-complaint" from the Northern Ireland Consumer Council and the consumer group, Which.
Among the complaints were that there are charges levied which are not imposed elsewhere in the UK.
It also claimed that the charges appear too similar across the four banks.It also claimed that the charges appear too similar across the four banks.
Chief Executive of the Consumer Council Eleanor Gill said the report was a "major step forward for consumers".
""The Competition Commission has undertaken a rigorous 16-month investigation into the banking practices of our big four banks," she said.
"What they have decided at the end of that is that there is a lack of competition and it is not working for consumers.
"But more importantly, in moving the thing forward, they are now going to take steps to sort it all out."
In a preliminary report in April this year, the commission said some bank customers in Northern Ireland do appear to be paying more than they should and that may be due to a lack of competition between the banks.In a preliminary report in April this year, the commission said some bank customers in Northern Ireland do appear to be paying more than they should and that may be due to a lack of competition between the banks.
Several banks have dropped fees on current accounts since the inquiry began, a move welcomed by the Consumer Council.Several banks have dropped fees on current accounts since the inquiry began, a move welcomed by the Consumer Council.
The four main banks in Northern Ireland are the Bank of Ireland, Ulster Bank, First Trust and Northern Bank.The four main banks in Northern Ireland are the Bank of Ireland, Ulster Bank, First Trust and Northern Bank.