UK: CMA denies political pressure led to bank crackdown

The UK’s Competition and Markets Authority is denying allegations that its investigation into the banking industry is the result of political pressure, and rejected claims that the regulator will force a breakup of the banks simply because the political climate already considers the banking industry “guilty” of lacking competition.

According to reports, CMA Chief Executive Alex Chisholm spoke in London to address the concerns, declaring that the decision to launch an in-depth investigation into the market was a response to public demand and not pressure from Westminster. Labour party leader Ed Miliband has publically called for a cap on banks’ market share and has earned support for his suggestion that the UK’s largest lenders should be broken up.

But Chisholm said this week that while Miliband’s proposals are an option for the CMA, the regulator will not be swayed by political influence in deciding the outcome of the investigation.

Full content: The Telegraph

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