Britain’s big banks will find out whether they have escaped the threat of being broken up when the Competition and Markets Authority (CMA) presents its findings on the industry following an 18 month investigation.
The review by the competition watchdog was launched in July 2013 and has looked at the £10 billion a year personal current account and small business banking markets. These areas are dominated by the big four of Lloyds Banking Group, Royal Bank of Scotland, HSBC and Barclays.
The provisional findings will be published next week on 22 October, and come amid calls from smaller banks trying to challenge the dominance of the big four for measures to make it easier for customers to move accounts and to compare accounts on offer.
The CMA has looked at whether free in-credit banking is made possible by cross-subsidies and makes it difficult to compare accounts. The watchdog could demand more price transparency but also has powers to demand structural changes, such as breaking up a bank.
Paul Pester, boss of TSB, said: “Banking needs to be exposed to the full force of competition. Only then will consumers really start to see change in an industry that has been stacked against them for far too long.”
Full content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile Faces Class-Action Lawsuit Over Sprint Merger After Appeal Denied
May 16, 2024 by
CPI
Google Faces Backlash Over Introduction of AI-Generated Summaries in Searches
May 16, 2024 by
CPI
CMA Launches Phase 2 Probe into AlphaTheta’s Acquisition of Serato
May 16, 2024 by
CPI
NFL Executive Escapes Testifying in High-Stakes Trial Over Televised Games
May 16, 2024 by
CPI
EU Consumers Lodge Complaint Against Chinese Retailer Temu Over Content Rules Breach
May 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI