Competition body targets NI bank charges

The Competition Commission is in Belfast today taking evidence as part of an investigation into alleged "rip-off" charges imposed…

The Competition Commission is in Belfast today taking evidence as part of an investigation into alleged "rip-off" charges imposed on personal account holders by Northern Ireland banks.

The Big Four banks in the North — Ulster Bank, Northern Bank, First Trust and Bank of Ireland — are being investigated by the Commission following the submission of a "super-complaint" to the Office of Fair Trading by Which?and the Consumer Council.

The Consumer Council launched their campaign against the banks claiming they were charging customers far more for bank services than their counterparts charged customers in the rest of the United Kingdom.

Steve Costello, chairman of the council, said: "We submitted a super-complaint in order to bring change to the market. We are starting to see that change happen, and there has been more movement in the market in the past year than in the past 30 years, but much more is needed.

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The council has been twice to London to meet with the Competition Commission ahead of today's session.

The commission said it would be meeting community organisations and charities as well as political parties and local authorities.