OFT to Review Business Banking
The Office of Fair Trading is to revive its interest in the business banking sector
27th January 2006
The Office of Fair Trading (OFT) have announced that they are to take another look at the business banking sector, four years after receiving undertakings from the banking industry that they would offer cheaper services, improve information given to customers, and increase competition by encouraging small businesses to shop around for a better account.
The undertakings were given in 2002 following a Competition Commission investigation that found evidence that banks were making excessive profits from services offered to small and medium businesses.
The review will assess whether these undertakings have since been met, and it is expected to take around 9 months before reaching a conclusion.
Read More: OFT to review undertakings in SME banking services
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