Responding to the OFT report on the alleged complexity of current accounts, Progressive Vision, the classical liberal think tank, has said that  banks provide an excellent service and that calls for further regulation should be resisted.   

Mark Littlewood, communications director of Progressive Vision, said:

“The benefits of having a current account in Britain are substantial. Access to hundreds of high street branches, the ability to write limitless cheques and the provision of expert financial advice are all provided free at the point of use. It is amazing that banks can provide such a comprehensive service whilst only receiving £152 in revenue for each account. The Office of Fair Trading should be applauding the banking sector, not threatening it.

 

“Banking is already over-regulated. The last thing customers need is an increase in red tape. If banks had fewer and less complex regulations to comply with, they would be able to charge their customers considerably less.”