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UK: Banks dodge Commission probe

By  |  May 15, 2013

As the Office of Fair Trading has vowed to force healthier competition into the UK’s banking sector, banks have reportedly escaped the threat of facing the Competition Commission as regulators have decided to wait to see how industry overhauls affects consumers’ experience. Some may consider the move unexpected as the OFT said last year that ‘radical’ action would be taken against banks if they did not improve policies the regulator argues make it too difficult for consumers to switch banks, hampering competition. Last January, however, the OFT suggested it would not refer the banks in question to the Competition Commission; that move was confirmed on Wednesday. The bank account market will be reevaluated in 2015, the regulator said.

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