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UK: New Competition and Markets Authority to zero-in on banks

By  |  June 24, 2013

Following renewed calls for stricter banking regulation, the upcoming Competition and Markets Authority has announced it will prioritize its focus on the UK’s lending sector. The regulator, which will officially form in October and come into effect next April, will be the result of the combined Office of Fair Trading and the Competition Commission. It will take over the OFT’s current focus on banking for retail and small businesses, say reports, as the parliamentary Banking Commission recently issued a report calling for upped competition between banks. The UK’s banking sector is dominated by five major lenders.

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