OFT - OFT recommends changes to banking codes
26 February 2004
The Office of Fair Trading has said that customers should benefit from 'float' and have clearer account information
They believe that the banking system should no longer have an interest-free float while certain electronic payments are cleared: customers should receive relevant interest. And there should be greater clarity for customers about clearing times for payments and receipts of funds.
John Vickers, OFT Chairman, explained: 'Self-regulation, provided that it is effective, has a key role in ensuring that markets work well for consumers. Self-regulation through the Banking Codes needs improvement. Customers, not just the banks, should get some benefit from the float. And customers should get clearer information to help guide their choices about banking services.'