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Northern Ireland personal banking customers could be paying price for lack of competition.

Publication: M2 Presswire
Publication Date: 28-APR-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-28 April 2006-UK Government: Northern Ireland personal banking customers could be paying price for lack of competition(C)1994-2006 M2 COMMUNICATIONS LTD

RDATE:28042006

Some banking customers in Northern Ireland appear to be paying higher charges on their personal current accounts which may be due to a lack of competition, according to the latest document published by the Competition Commission (CC) as part of its inquiry into the market for personal current account (PCA) banking services in Northern Ireland.

In its emerging thinking document published today, the CC suggests that a number of factors in Northern Ireland appear to limit competition in the PCA market.

Inquiry Group chairman, Christopher Clarke said:

"From the evidence we've seen so far, it appears that despite changes by some, but not all, of the banks in their products and prices, competition in the provision of personal current accounts (PCAs) in Northern Ireland is not fully effective. As a result, some PCA customers may be paying more in charges and in...

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