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StepChange Debt Charity response to CMA bank account findings

22 October 2015

In response to today’s Competition and Markets Authority’s (CMA) provisional findings of its retail banking market investigation, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“Helping customers switch is welcome, but the lack of attention paid to the needs of financially vulnerable people is disappointing. At present, what we see is those in or on the edge of financial difficulty getting hit with unreasonable charges and interest that can deepen their hardship. We need a market that works for everyone.

“The CMA’s proposals on service standards are a step in the right direction but our clients tell us that when they get into difficulty they do not want to switch, but to be treated better by their existing bank. We will continue to work with the financial services sector to ensure good practice when it comes to supporting financially vulnerable people.”

StepChange Debt Charity news contact

Contact the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404 153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2016