Santander welcomes transparency in current account market

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Santander welcomes transparency in current account market

Nici Audhlam-Gardiner, director of banking for the company, said Santander had worked with the OFT to assess the personal current account (PCA) market and now believes these measures to change credit and overdraft details will encourage competition among high-street banks.

She said: "As a responsible lender, Santander has always taken its responsibilities to those who use overdrafts very seriously, especially those who are experiencing financial difficulties."

Ms Audhlam-Gardiner reminded consumers that the bank launched the first overdraft fee-free current account, the Zero Account, earlier this year.

The OFT wants to allow customers to decide whether they have an overdraft and for PCA providers to assist those who go overdrawn, implementing tools to help control the debt.

Over the next two years, the OFT proposes to examine the developments in the market.

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