The watchdog is now consulting on its provisional decision that there should be an investigation into the markets for personal current accounts and banking for small-and-medium enterprises.
The probe could result in structural remedies, such as breaking up banks through divestment, or behavioural changes that may include improved transparency and the provision of better information to customers. The CMA said it will make a final decision on a market investigation in the autumn.
The largest four personal current account providers account for over 77% of the market in the
"Competitive personal and SME banking markets are essential to households and businesses throughout the country, and to the success of the
Reacting to the CMA's provisional decision, the chief executive of the
"Banks are pro-competition – they compete for customers every day. Last month we published a series of ideas to help new banks set up and smaller players to grow. We hope these suggestions will be taken up by regulators and politicians," Browne said in a statement.
The BBA proposed a number of measures to support competition in the industry, suggesting that public sector bodies should be encouraged to invest funds in the
A number of new entrants to the market are tying to gain a foothold in the market, with
In an interview with LBC radio station Friday, RBS Chief Executive
"It would be good to have the inquiry to see if there's anything else we could be doing and thinking about from an industry perspective," McEwan told listeners. "Let's get on with it. Let's take the uncertainty out of the marketplace as well," McEwan said.
The CMA is the
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