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The thin end of the wedge: the CMA and FCA publish provisional findings on retail banking

Competition in retail banking, including banking services to small and medium-sized enterprises (SMEs), has been the subject of detailed consideration by the UK competition authorities over the last 15 years. Multiple competition concerns have been identified over the years and, despite attempts to remedy these, the competition authorities seem convinced that there are still issues that need to be resolved. In the past, several recommendations were made that a market investigation reference should be considered before 2015.

The latest action to be taken by the competition authorities is the public consultation on the provisional decision by the Competition and Markets Authority (CMA) on personal current accounts (PCAs) and banking services to SMEs published on 18 July 2014.

The provisional decision is the result of two strands of work that have been undertaken by the CMA: first an update on the Office of Fair Trading’s market study into PCAs; and second the CMA’s joint study with the Financial Conduct Authority (FCA) into banking services to SMEs…

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