Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

We have seen this issue in the banking system as well. The witness referred to it in utility companies. Of course, they do it. They offer a better deal if one is a new customer signing up whereas if one is locked into a contract, one cannot avail of that until the contract expires. This is not the only industry that is doing it. Banks are doing it for the biggest transaction that people have in their life, which is their mortgage. They are not proactively trying to tell a customer he or she could get a better deal, even by switching to a different product with that bank or by switching bank. That is not happening.

It is a job for all of us to address the issue of inertia among consumers and we will do that. We also have an issue in ensuring that there is fairness in the way that the industry treats its customers. Mr. Charlie Weston wrote, in January of this year: "It is hard not to conclude that loyalty is for losers." It is hard to argue with that conclusion.