Consumer Focus calls for changes to retail banking sector

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Consumer Focus calls for changes to retail banking sector

Tue 5th Jul 2011

Banking customers who have fallen victim to misleading products could benefit from new proposals from Consumer Focus.

The watchdog has urged the Independent Commission on Banking to take action against overly complex financial products in a bid to promote stronger competition.

Also aiming to create a fairer deal for customers, the organisation called for the removal of barriers for individuals struggling to enter the retail banking sector.

In addition, Consumer Focus urged the commission to provide increased guidance for previously overlooked low-income members of the public.

Financial services expert at the watchdog Oliver Morgans said: "If we really want to promote effective competition and empower consumers in this market [comma] then the ICB is going to have to recommend a radical simplification of pricing and product design."

Last month, Consumer Focus supported Ofgem's decision to make a number of changes to the gas and electricity market and pledged to continue to increase pressure on energy suppliers for a large-scale review.

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