The Office of Fair Trading (OFT) says that the majority of banking customers are not aware of the charges and interest rates paid on their current account and are therefore unaware if they are receiving a good deal from their bank, leading to an uncompetitive market. As a result, just six percent of consumers changed their current account in the last year, the OFT claims. However, it may be that the majority of customers are simply happy with their bank and see no reason to change.

OFT’s claim that the availability of information is poor is contestable. Banks do not hide information about insufficient-funds charges from their customers and rates of interest are often the central feature of advertisements for retail banks. It might actually be suggested that consumers consider their own banking habits and pick a current account with this information in mind.
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