Banks to provide 'more clarity' on account charges

Calculators | Accounting news blog | FAQ

DG Accountancy Services save time and money. Simple.

Welcome to this monthly Accounting News bulletin from DG Accountancy Services (http://www.businessbods.co.uk) bringing Small Business' news and information from the business world, as it happens!

Wednesday, 14 October 2009

UK banks have agreed to provide clearer information to customers regarding current account charges, and to introduce measures which will make it easier for them to switch accounts.

Under the new measures, which are expected to come into force by 2011, banks will provide an annual summary of account charges, including information on how much customers have been charged for services such as overdrafts.

Bank charges will also be listed more prominently on monthly statements, and banks will make it easier to move direct debit payments to new accounts.

The changes follow a previous report from the Office of Fair Trading (OFT), which criticised the complexity of the information given by banks to their customers.

John Fingleton, OFT chief executive, said that the measures will help to improve customer awareness, and allow individuals to compare the benefits of different accounts in order to obtain better value for money.

'Banks will need to offer more competitive and innovative products and services to attract as well as retain customers', he commented.

posted by BusinessBods.co.uk @ 06:29

Use our keyword search faciliy to hunt down exacly what you're looking for.

Use these free tools to check and plan your finances and help you make financial decisions. Find out more

DG Accountancy News monthly Accounting News bulletin bringing Small Business' news and info from the business world, as it happens! Find out more

DG answer YOUR Accounting questions. Find out more

© 2008 DG Accountancy Services PO Box 1600 CROYDON CR0 4WA England (UK)
T: +44(0) 870 777 0279 F: +44(0) 870 420 4308
© Web design and Web Marketing by Signature

D G Accountancy Services is a trading name of Business Bods Ltd. Registered Office: 31 Harley Street, London W1G 9QS
Registered in England and Wales Company No. 5279415

DG Bookkeeping services, based in Croydon Surrey (Taking care of business). DG Accountancy Services provide cost effective small business service. DG Bookkeeping Services for simple bookkeeping. DG Accountancy Services for VAT returns. DG Accountancy Services for payroll. DG Accountancy Services for CIS. Accountancy Services for sales invoicing. DG Credit Control DG National Insurance & tax rates and allowances. DG Bookkeeping Services for sales invoicing and credit control. DG Accountancy Services for taking care of business.