www.bbc.co.uk • April 10, 2013
The Post Office is to offer current accounts in the UK, following a regulator’s claim that the market offers little choice for consumers.
The new account, provided by Bank of Ireland, will be available in some areas in the coming weeks before a wider launch next year.
Few details have been released about the characteristics of the current account at this stage.
In January, a regulator said the market was dominated by a few providers.
The Office of Fair Trading (OFT) said that Lloyds, RBS, Barclays and HSBC held 75% of the market.
This led to a “lack of dynamism” from the banks, it said, together with a lack of choice for customers, meaning they were unlikely to switch to a different bank.
The Post Office, which has 11,500 branches, already offers a range of financial products in a link with Bank of Ireland.
Some three million Post Office customers already use products such as savings accounts, mortgages and insurance policies.
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