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UK: Financial Conduct Authority to evaluate bank account competition

By  |  September 9, 2013

The UK’s Financial Conduct Authority announced Monday plans to evaluate the level of competition within the UK’s savings accounts market, worth $1.3 trillion, and focus its probe onto the ease of which consumers can switch banking accounts as well as introductory offers provided by banks.

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    In an emailed statement, the FCA – which replaced the Financial Services Authority – said it would evaluate the level of competition and then determine “if there is action we need to take.” CEO of the FCA Marin Wheatley made the remarks in the statement.

    The FCA’s new responsibilities include promoting competition within retail and financial markets.

    Full Content: Bloomberg

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