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Press Release

Which? response to Competition Commission's provisional findings into the banking market in Northern Ireland

12 October 2006

Commenting on the Competition Commission’s provisional findings into the banking market in Northern Ireland, Alena Kozakova, Which? competition specialist, comments:
“We are pleased that the Competition Commission (CC) confirmed our observation that consumers in Northern Ireland were subject to high bank charges. However, we are disappointed that the CC did not go further in analysing these charges to conclude whether or not they were excessive, and if so what could be done to remedy the situation.
“The CC is right to suggest a number of practical measures to encourage consumers to switch banks but simply giving consumers more information is unlikely to fix the market.
“The CC should also be realistic in their expectations as to whether significantly higher volume switching can be achieved in the near future. In the absence of such switching, the other problems in the market need to be tackled head on.

“Consumers in Northern Ireland have been treated badly by their banks for far too long. Competition in this market is not working well and the findings of this investigation present a great opportunity to give the industry the shake up that it needs.”



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