North banks face price-fix probe

EVIDENCE of price-fixing by AIB, Bank of Ireland, Ulster Bank and Northern Bank in the North has been found by the British Office of Fair Trade (OFT).

An OFT investigation into personal current bank accounts (PCAs) market in the North has resulted in the office commencing a five-week consultation process before it decides on whether to make a market investigation reference to the Competition Commission (CC).

The initial investigation was sparked by a “super complaint” from Which? magazine that consumers are being “ripped off” by the North’s four largest banks.