Following the publication of The European Commission’s report on retail banks across Europe, Which? personal finance campaigner, Doug Taylor, said: “The lack of transparency around financial products has been evident in the UK for a long time. Now we are being told British banks are below average for price transparency on current accounts. It’s no wonder customers can’t compare accounts, and end up staying with the devil they know.
“If this report had also fully compared how UK accounts are operated, it would find what the OFT found in 2006, that banks generated on average £152 per account through default fee charges and foregone interest. The latter cost is not even considered in this report.
”British banks should stop taking their customers for granted, and put their house in order starting with settling the court case on overdraft charges.”
