The Competition and Markets Authority (CMA) recently put out a draft order for consultation about the retail banking market. We were able to provide feedback on the personal current account (PCA) section. On the whole we welcomed the remedies set out in the draft, but recommended that the remedies and resources should be proportionately targeted at those who stand to gain the most. We also welcomed the obligation to publish service quality indicators and the new requirements around information. The overdraft alert remedy was particularly welcome, helping people avoid high charges for unarranged overdrafts and were able to express how the Maximum Monthly Charge remedy could be improved. Read our full response below.
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