Reports confirmed Thursday that the UK’s Competition and Markets Authority will initiate a full-scale investigation into Britain’s banking industry, but the most recent reports say that small business lending faces particular competition scrutiny.
The CMA will not publish the findings of its preliminary inquiry into the industry until Friday, but the Financial Times reported Thursday that a full-scale investigation is planned.
According to the Federation of Small Businesses, small businesses find it difficult to shop around for a loan; the FBS, which represents about 200,000 companies, is hoping for increased competition to enhance transparency in the industry.
The CMA is said to be launching an in-depth probe into the entire banking industry, a case that will also look at how to handle the dominance of the four leading banks, Barclays, HSBC, Lloyds and RBS.
Full content: Bloomberg
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