Within days we will submit to the Government a comprehensive regulatory proposal that can lead to clearly stated charges, so that all customers can compare different banks and competition can operate freely, without the impediment of opacity. For a month, new rules on transparency in banking and financial services and on the “basic current account” have been in effect.
A major contribution to improving relations between intermediaries and customers comes from the institution of the Banking and Financial Arbiter, which has been in operation since 15 October. Customer appeals have come in steadily, and the panels have already handed down their first decisions. In a number of cases disputes were settled in the customer’s favour even before the Arbiter’s ruling.