LONDON, Oct 15 (Reuters) - Britain’s banks should be required to tell customers how much they’ve paid for their banking services each month, the chief executive of TSB said on Thursday.
Paul Pester also said the industry needs to make it easier for customers with overdrafts to switch between banks, using a so-called “credit passport” that they can take to their potential new bank.
Britain’s competition watchdog is due to publish provisional findings later this month following an investigation into the markets for personal current accounts and small business banking services.
Lawmakers and regulators want to encourage competition for Britain’s biggest four banks -- Lloyds Banking Group, Royal Bank of Scotland, Barclays and HSBC -- which control over three-quarters of personal current accounts and provide 9 out of every 10 business loans.
Pester called for banks to promote services which make it easier for customers to switch between lenders.
“In a truly competitive market, consumers will be offered genuine choice and a level of transparency they’ve never seen before, so they can make informed choices and switch with ease,” Pester said.
TSB, which is Britain’s seventh biggest lender, was taken over by Spanish bank Sabadell earlier this year.
Reporting by Matt Scuffham, editing by Sinead Cruise