Consumer Focus highlights issue relating to current account interest rates

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Consumer Focus highlights issue relating to current account interest rates

Wed 13th Oct 2010

Banks must be upfront about the fees they impose on customers, according to Consumer Focus.

This was one of a series of suggestions made by the organisation, with its head of financial services Sarah Brooks claiming that people should be able to switch current accounts quickly and easily.

In her view, it is the only way that the UK can achieve a truly competitive banking sector, with consumers picking products they feel offer the best value.

"For too many people, switching current accounts simply does not enter their mind, even if their bank has let them down," said Ms Brooks.

She made her remarks after Consumer Focus published a study indicating that three-quarters of consumers have never thought about signing up for a different current account.

Last month, the same institution called for a higher level of transparency in the banking industry with regard to complaint handling and how companies are responding to criticism from clients.

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