Press release: CMA proposes better deal for bank customers

[Legal Beagles]

Banks must address long-term problems and make it easier for customers to take charge of their accounts, the CMA stated today.

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[Amethyst]

Re: Press release: CMA proposes better deal for bank customers

Potential remedies include:

Requiring banks to prompt customers to review the service they receive from their bank through receiving individual messages at certain ‘trigger points’. These trigger points could include a loss of service, closure of their local branch, unarranged overdraft charges or a change in the terms and conditions of their account. In the case of SMEs a key trigger point could come at the end of free banking periods.

Making it easier for consumers and businesses to compare bank products by upgrading Midata, an industry online tool, launched with the support of government, that gives consumers access to their banking history at the touch of a button. Midata allows consumers to easily access their banking data from their bank and input it directly into a price comparison website which can then analyse their transactions, and alert them to available bank accounts which best suit their needs. An improved Midata could have a radical impact on consumer choice in retail banking markets.

Requiring the creation of a new price comparison website for SMEs - currently nothing effective exists to fulfil this role.

Requiring banks to help raise public awareness of, and confidence in, switching bank accounts, through increasing their funding for a widespread and sustained advertising campaign promoting CASS and improving the service it offers.

Requiring better sharing of information with credit reference agencies, banks and financial advisers - making it easier for SMEs to shop around for loans and cutting out the need for multiple application form filling

[enaid]

Re: Press release: CMA proposes better deal for bank customers

Well seems easy listening to the powers that be lol
Me thinks the Comparison site should be totally independent or that would be a waste of space and harmful.
Also heard nothing of how switching will be for people with big overdraft and CC balances if the new bank would accept these or not.