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2008-11-05 22:00

Business banking - OFT to review banking for SMEs

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The Office of Fair Trading has announced that it is launching a review of the bank charges agreement made by business banks three years ago. The agreements were designed to clamp down on the banks’ excessive profits by making them offer free banking or pay interest on credit balances. The other key recommendation was to increase competition in the market by making it easier for businesses to switch accounts.

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