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27/05/2005
OFT launches probe into NI big four banks
Northern Ireland’s big four banks are to be placed under the microscope when the Competition Commission probes their treatment of customers.
The move follows the successful submission of a "super-complaint" by Which? and the Consumer Council. The banks are the Bank Of Ireland, First Trust, the Northern and Ulster Bank.
The OFT said it had found evidence of behaviour among the four largest banks leading to, or demonstrating, weak competition between them.
This includes:
Sir John Vickers, OFT Chairman, said: “Our analysis of the evidence presented to date gives us reasonable grounds to suspect that there are features of this market which restrict competition.
“It is now for the Competition Commission to undertake a thorough investigation of the market and, if necessary, to put appropriate remedies in place.”
Sir John said that after having considered the super-complaint and the responses to its consultation on a market investigation reference, the OFT was “of the view that the legal test for a market investigation reference is met”.
(MB/SP)
The move follows the successful submission of a "super-complaint" by Which? and the Consumer Council. The banks are the Bank Of Ireland, First Trust, the Northern and Ulster Bank.
The OFT said it had found evidence of behaviour among the four largest banks leading to, or demonstrating, weak competition between them.
This includes:
- imposition of a number of charges when customers are in credit and overdrawn which are not found in the rest of the UK;
- no active competition on price and there is evidence of parallel pricing behaviour among them, and of possible price leadership and price signalling;
- no active competition for customers switching accounts.
Sir John Vickers, OFT Chairman, said: “Our analysis of the evidence presented to date gives us reasonable grounds to suspect that there are features of this market which restrict competition.
“It is now for the Competition Commission to undertake a thorough investigation of the market and, if necessary, to put appropriate remedies in place.”
Sir John said that after having considered the super-complaint and the responses to its consultation on a market investigation reference, the OFT was “of the view that the legal test for a market investigation reference is met”.
(MB/SP)
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NI bank customers are paying more
A report by the Competition Commission (CC) has revealed that Northern Ireland bank customers are paying higher charges for current accounts than those in the mainland. The CC report claims that this is due to a lack of competition between the four main banks in the province - Bank of Ireland, Ulster Bank, First Trust and Northern Bank.
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A report by the Competition Commission (CC) has revealed that Northern Ireland bank customers are paying higher charges for current accounts than those in the mainland. The CC report claims that this is due to a lack of competition between the four main banks in the province - Bank of Ireland, Ulster Bank, First Trust and Northern Bank.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
