Bank Fees to Fall as OFT Gets New Powers

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MORE THAN a billion pounds a year could be saved by consumers after the Government announced powers yesterday for the Office of Fair Trading to investigate bank charges.

The move follows a report by the former telecoms regulator, Don Cruickshank, which found that British banks systematically overcharge customers.

When the report was published in March, the Government referred the business banking market to the Competition Commission in line with Mr Cruickshank's recommendations. Yesterday's decision addresses a second key recommendation that the stranglehold of the big four banks over basic banking products, such as current accounts and credit cards, should be …