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CAI: Consumers still getting a bad deal from financial institutions

The Consumers’ Association of Ireland has said there aren’t enough financial institutions in the market competing to provide better deals for consumers.

Image: AP Photo/Shawn Pogatchnik

IRISH CONSUMERS ARE still getting a bad deal from financial institutions with a lack of effective competition in the market.

The Consumers’ Association of Ireland has said many people have trouble comparing different financial products due to a lack of information or because the products themselves are too complex.

“Changing to a different provider can be challenging simply because there are not enough financial institutions in the market competing to provide better deals,” said Dermott Jewell, chief executive of the CAI.

As it stands, banks and other service providers display little incentive to offer more choice and improved services, and consumers are trapped in bad deals

The Consumers Association of Ireland (CAI) is calling on the government to investigate markets where there is a lack of competition and to act to change it.

Jewell was speaking on World Consumer Rights Day which takes place today, with consumer groups around the world campaigning for more competition in financial services.

“Consumers around the world are getting a bad deal from financial services – but a lack of effective competition in the market makes it difficult, if not impossible, for them to look elsewhere,” said Jewell.

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Christine Bohan

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