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UK: Regulator focuses on bank account switching

By  |  May 21, 2015

Bank customers have not been switching current accounts any more frequently since new, simpler rules came in 18 months ago, according to research published by the Competition and Markets Authority.

The watchdog, which has another year to go in its wide-ranging investigation into the UK banking market, said just 3% of customers changed banks in the last 12 months which was similar to the preceding two years.

The CMA is investigating not just switching but also concentration in the banking market and the barriers to entry for new challenger banks.

 

Full content: The Financial Times

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