Media comment: CMA retail banking market investigation

David Haigh, Director of Financial Capability for the Money Advice Service comments on the Competition and Markets Authority’s (CMA) Retail banking market investigation Final Report

“The CMA has recognised the impact that low levels of financial capability have on people’s ability to engage with current accounts and make the most of their money. This package of measures is necessary, and has been designed to inform, engage and empower people so they can take control of their finances. Recent financial capability research suggested that around four in ten people are not in control of their finances and one in five people cannot read a bank statement. Given the variety and complex nature of current account options and fees, it is important that people are able to clearly compare the best deals for them and understand how they will be charged when using their account. We are pleased that prompts designed to encourage people to engage with their money will be tested as a result of this investigation. This will help us understand what works best. More information about choosing and running current accounts can be found on the Money Advice Service website.”