New banking rules ‘not enough’

BANK charges and customer service levels will come under greater scrutiny from today as new rules take effect that aim to make it easier for customers to switch between banks.

But the code has already come under fire from the Competition Authority for not going far enough.

The Irish Bankers’ Federation (IBF), the umbrella group representing the country’s banks and building societies, said its new rules would make the process of dumping a bank in favour of a rival “quick, easy and as hassle-free as possible.”