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UK: Bank competition still falls short says watchdog

By  |  February 11, 2015

The Competition and Markets Authority is investigating the market for personal current accounts and small business banking services and will decide what measures must be taken by May 2016.

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    Moves to improve competition within Britain’s banking industry have not yet had the desired effect, the head of the competition watchdog said.

    Unlike previous investigations into the industry, the CMA has the power to order banks to take actions rather than just make recommendations, Mr Chisholm said, and those actions may also require changes to current laws and regulations.

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