Consumer group Which? has asked the Competition and Markets Authority (CMA) to ‘name and shame’ the worst performing bank accounts available to UK consumers.
It cites high charges and a lack of care in helping customers control their finances as ‘unfair’ and has called for greater transparency of performance data for current accounts.
“With few customers moving their finances to different providers,” commented Which? executive director Richard Lloyd, “and the existing big banks continuing to hold substantial market power, the enquiry must look beyond ideas to improve information and switching.
“When it reports next month the CMA should propose changes that will incentivise banks to better respond to the needs of their customers.”
Tesco Bank have also joined the rallying cry, with chief executive Benny Higgins saying: “Banks have lost the trust of their customers and it is about time the industry took concrete steps to restore faith in the sector.”
Tesco Bank is calling for a traffic light system, similar to that on food packaging, which will easily and quickly communicate to customers whether an interest rate or bank charge is high, average, or good value compared to others.