ANTITRUST LAUNCHES INQUIRY INTO CHARGES FOR CURRENT ACCOUNTS AND BANK CARDS
PRESS RELEASE
PRESS RELEASE
Antitrust launches inquiry into charges for current accounts and bank cards
The Italian Competition Authority, at its meeting on 18 January 2006, decided to launch an inquiry to determine the kinds and extent of the user charges applied to banking services. The inquiry follows on the Authority’s new responsibilities in the banking sector which have led to the setting up of a new department, and aims to assess whether pricing levels indicate insufficient competition among the banks.
The survey will cover current accounts, deposit services (such as bills of exchange and standing orders), and payment services (transfers, bancomat and pre-paid bancomat).
Various complaints and a number of studies by foreign institutions, consumer associations and consultants have highlighted the existence of high prices for banking services in Italy: this may indicate weak competitive forces in the market, to the detriment of consumers.
Rome, 18 January 2006