Media comment: Response to the 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: Provisional decision on remedies report:

“The report highlights the importance of empowering people to take control of their finances and choose the right current account for their needs. People need to be able to easily understand the fees and charges associated with their bank accounts so that they are able to manage their money effectively. We are pleased that the CMA has recommended that the FCA tests ‘what works’ when it comes to encouraging people to engage with their money. 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. More information about choosing and running a current accounts can be found on the Money Advice Service website.”