Citizens Advice responds to CMA banking investigation
The Competition and Markets Authority (CMA) has today published the final report in its retail banking market investigation.
Citizens Advice helps people with 55,000 overdraft debt problems a year and knows high fees can make it impossible for many to pay down their debts.
Gillian Guy, Chief Executive of Citizens Advice, said:
“Excessive overdraft charges can push people into cycles of unmanageable debt.
“The CMA’s move to force banks to be clear on their maximum overdraft charges is good, but banks really need to step up to the plate and set limits that are fair on consumers.
“Better use of data is a positive step and could make it easier to switch and unlock benefits for customers.
“The changes announced today need to be monitored closely to ensure they are effective - and stronger measures should be kept on the table if they are not working.”
Notes to editors
- The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
- The advice provided by the Citizens Advice service is free, independent, confidential and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
- To get advice online or find your local Citizens Advice in England and Wales, visit citizensadvice.org.uk
- You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
- Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.
- Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,500 service outlets across England and Wales.