Beagles meet the OFT - 22nd September 2008

[Amethyst]

Re: Beagles meet the OFT - 22nd September 2008

Wish they would give us some kind of feedback on the PCA report.

[Sapphire]

Re: Beagles meet the OFT - 22nd September 2008

Why don't you write and ask them ?

[EXC]

Re: Beagles meet the OFT - 22nd September 2008

Why don't you write and ask them ?

I did quite recently but how long is a piece of string? It was meant to be published ''early'' this year according to the last update on their site.


----- Original Message ----- From: Kate Farrow
To: EXC
Sent: Monday, February 23, 2009 2:54 PM
Subject: RE: Market Study and Letter

Hi Nick,

In relation to the PCA Market Study, we are still engaging with banks to develop remedies which we hope will address our concerns. A report on final outcomes will be published shortly after the conclusion of this exercise.

Regards,
Kate

[natweststaffmember]

Re: Beagles meet the OFT - 22nd September 2008

What about individual feedback? or is that still within the realms of the feedback given?

[EXC]

Re: Beagles meet the OFT - 22nd September 2008

Not sure what you mean.

[natweststaffmember]

Re: Beagles meet the OFT - 22nd September 2008

I meant with regards to LB submission alone and feedback they may have ie general. On reflection though I think they would be unlikely to reply until they publish their report.

[Amethyst]

Re: Beagles meet the OFT - 22nd September 2008

OFT Q&A

20. What are the next steps with the market study?
The deadline for the consultation exercise has expired. However, should we
receive requests from individuals or parties to provide further comments we will
consider these in light of our own timetable.
We would like to thank those who have responded to our consultation and
welcome the contributions that have been made to the development of
solutions. All responses we have received from our consultation exercise will be
taken into account in developing and evaluating the potential solutions to the
concerns we have identified.
We would like to see solutions which result in:
• greater transparency in current account pricing that will enable active
and informed consumers to drive competition amongst banks. This in turn
will deliver efficiency in supply and value for consumers, and
• banks treating consumers sufficiently fairly and well, within a coherent
self-regulatory framework or otherwise, that pre-empts the need for
further regulatory intervention.
We acknowledge steps the banking industry have taken to work with us to
develop solutions to achieve these aims and hope to be able to continue to have
an informative debate with them and other interested parties in the coming
months.
We expect to publish a further report later this year. Our aim is for a final report
containing recommendations the banking industry will then take forwards.
However we will also be considering other routes to implement remedies should
that not happen.
Other routes to implement remedies could include:
• recommendations to Government
8
• market investigation reference to the Competition Commission,
• any action which can be taken under the UTCCRs or other consumer
protection legislation, and
• changes to the Banking Code.