• From The BBC:

    Information given to some banks’ customers was “incomprehensible” and fees were “opaque”, a scathing report on banks has suggested.An EU-wide price comparison website should be set up for current accounts, the European Commission report said. Only 9% of EU consumers switched accounts in 2007 and 2008, compared with 25% of car insurance customers. The report mirrors a UK review which said that current accounts were not working. “Retail bankers are letting consumers down,” said EU consumer commissioner Meglena Kuneva. “There is widespread evidence that basic consumer principles are being violated with problems from complex pricing to hidden charges and information that is unclear and incomplete. “Banks need to put their house in order with a culture change in the way they treat customers.” FindingsThe Commission studied the pricing of accounts offered by 224 banks across the EU. Its findings included: Experts needed more explanation from banks about their fees in 66% of cases. One in 10…

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    Posted by Jon @ 4:02 am

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