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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Sat Apr 28, 2007 8:03 pm Post subject: Fool.co.uk comments on the OFT market study into personal cu |
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Fool.co.uk comments on the OFT market study into personal current accounts
Following news that the Office of Fair Trading (OFT) is investigating personal banking charges, David Kuo, Head of Personal Finance at fool.co.uk, says: �Anything that will remove the current cloud of mystery surrounding personal bank charges is a welcome move.
�For far too long, banks have encouraged the idea that consumers have been enjoying free banking. But the harsh reality is that free banking has been delivered at the expense of hidden charges, penal fees and poor interest rates on money held at the bank.
�The upshot of the OFT�s investigation may be an end to free banking as we know it. But at least consumers will be able to make informed choices without trying to untangle cross-subsidies and concealed fees.
�We await the OFT�s findings with interest. We also hope it brings an end to the practice of robbing Peter to pay Paul, or in some cases robbing Paul to pay Paul without him knowing.�
For further information and/or to arrange an interview with David Kuo, please contact:
Sonia Rehill
PR Manager
DD: 020 7297 8159
soniar@fool.co.uk
Submitted by: Sonia Rehill |
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