EU banking charges may be driven down

Bank customers across Europe could see charges driven down following the publication of a critical report into the sector by the European Commission.

Competition Commissioner Neelie Kroes found evidence of artificially high fees and anti-competitive practices during an 18-month inquiry into the retail banking industry.

As such, she vowed to bring in measures to boost competition and stamp out serious abuses in the market in a move that should benefit millions of consumers in EU states.