Bank customers lose millions through slow clearing, says OFT
Customers are losing out on millions of pounds in interest because the Faster Payments Service is not running at full capacity, according to a report by the Office of Fair Trading (OFT).
The OFT conducted a review of the system, which is designed so that any money paid leaves an account and reaches its destination on the same day. However, the OFT report has highlighted that only 69% of payments that should be made through the new system actually are, leading to an estimated £82 million loss in interest for customers. Cavendish Elithorn, senior director of services at the OFT, said: "More work is needed to sharpen the Council's focus on the flexibility and efficiency of its systems and to make sure benefits are passed on to the end-user."
For more on this story go to:
http://www.oft.gov.uk/news/press/2009/34-09
To download the full report go to:
http://www.oft.gov.uk/shared_oft/reports/financial_products/oft1071.pdf
