Banking

Current accounts are to fall under the microscope of a consumer watchdog after the Office of Fair Trading (OFT) today launched a review of the market, aimed at improving competition and ensuring banks pay more attention to their customers.

Many Lloyds TSB and Halifax customers have reported being unable to log into their online accounts this morning, though the banks say the problem is now fixed.

The Government wants banks and credit unions to create new current accounts to help benefit claimants better manage their money when its universal credit comes into force next year.

Labour leader Ed Miliband says the big five banks should sell up to 1,000 more branches to increase competition.

Farepak campaigners are reportedly set to press the firm's bank for another £10 million in compensation for customers hit by the collapse of the Christmas hamper business.

A further £50 billion was injected into the economy today as the UK struggles to pull out of its double-dip recession and the eurozone debt crisis intensifies.

Ulster Bank customers may have to go a whole month without full banking facilities, as its parent Royal Bank of Scotland admits their nightmare could continue for another two weeks.

Payment protection insurance (PPI) is, once again, the most complained-about product so far this financial year, the latest Financial Ombudsman Service figures reveal.

A number of RBS and NatWest customers have complained of loan payments being taken out twice, leaving their accounts short of cash which may trigger overdraft charges.