Last year, the Competition and Markets Authority (CMA) agreed that the market wasn’t working well enough for consumers, and opened a major investigation. Today, we’re calling on the CMA to make sure it goes beyond fixing the basics and comes up with new solutions that will force banks to sit up and take action.
We want to see reforms that will deliver genuinely better banking services for everyone. But what does this actually mean?
Well, what if the Competition and Markets Authority considered increasing compensation levels for people who experience terrible customer service, or naming and shaming the worst providers? Or how about banks being required to proactively help customers who regularly slip into their unauthorised overdraft, rather than just hit them with high charges?
It’s clear that the CMA has a big job on its hands, but this is the perfect opportunity to propose remedies that would finally shake up this sector and make banks respond better to the needs of their customers.