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UK banks to face competition inquiry UK banks to face competition inquiry
(34 minutes later)
A full competition inquiry into retail and business banking services has been launched by the UK's Competition and Markets Authority (CMA). A full competition inquiry into the market for current accounts and small business banking has been launched by the Competition and Markets Authority.
The probe, first proposed in July, will investigate the difficulties customers face in switching banks, and the lack of smaller competitors to the "big four" High Street names.The probe, first proposed in July, will investigate the difficulties customers face in switching banks, and the lack of smaller competitors to the "big four" High Street names.
It will also look at lending to small and medium-sized businesses.It will also look at lending to small and medium-sized businesses.
The banking industry has said before that it will co-operate with a review. Business group the British Chambers of Commerce said it welcomed the review.
But it has argued that changes to its practices are already underway. "For many years Britain's dysfunctional banking sector has struggled to meet the needs of [small and medium enterprises], impeding the growth prospects of some of our most promising young companies."
After carrying out a consultation with members of the public, banks and other industry bodies, the CMA outlined four main concerns about banking services in the UK:
The inquiry will take 18 months to complete.
The regulator also said it would review the 2002 report by its predecessor, the Competition Commission, to see if its findings were still relevant.