Banks not under enough competitive pressure on current accounts, says CMA


Banks are not being put under enough competitive pressure in the current account market - and customers could typically save £70 by switching - a watchdog's investigation has found.

The Competition and Markets Authority (CMA), which released its provisional findings of a probe into the dominance of the big banks in the sector, found that 57% of consumers have been with their account provider for more than 10 years and 37% for more than 20 years.

Bank customers fear that switching their current account to a new bank will be complicated, time-consuming and risky, the CMA said.