Consultation: Possible change to Northern Irish legislation affecting Personal Current Accounts
In 2005 the Office of Fair Trading (OFT) commenced an investigation into banking services in Northern Ireland in respect of Personal Current Accounts (PCA). Following this investigation the Competition Commission brought into force the PCA Market Investigation Order 2008 which regulates competition between the banking institutions in respect of information and switching requirements.
The Competition and Markets Authority (CMA), who superseded the OFT, are currently in the process of a wider investigation into the Retail Banking Sector in the UK. As part of this wider investigation the CMA are considering opening an investigation and review into the PCA Market Investigation Order 2008. If this investigation takes place Northern Irish banks will be bound by any legislative changes which are likely to continue to focus on the relevant responsibilities and duties of banks to their customers in respect of switching current accounts and communications regarding charges and interest affecting PCA's.
The CMA has invited interested parties to provide their views on whether such a review should take place together with any relevant evidence supporting these views. The deadline for responding to this consultation is 12pm Thursday 11 June 2015.
Find out how to get involved here
Please feel free to contact a member of our team to discuss the possible impact of this consultation process or the wider Retail Banking Sector investigation.
Date Published: 29 May 2015