UK retail finance market likely to face CMA investigation

The Competition and Markets Authority (CMA), the successor body to the Office of Fair Trading (OFT) and the Competition Commission, announced on 18 July 2014 its provisional decision that there should be a ‘joined-up, in-depth’ market investigation into the markets for banking services for small and medium-sized enterprises (SMEs) and the supply of personal current accounts.

The CMA will now consult until 17 September 2014 on its provisional decision. The CMA will make a final decision regarding the market investigation reference in autumn 2014.

The CMA inherited the market study into SME banking from the OFT and has been working closely with the Financial Conduct Authority (FCA) in relation to the study…

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