The CBI responded to an announcement by the
"A healthy and vibrant banking market is good for businesses and consumers and critical to the long-term success of our economy.
"There are already many measures underway to boost competition in banking, including 7-day switching and a simpler registration process for new entrants. The new credit data sharing initiative currently under discussion will also help. So an investigation would take place against a moving backdrop, but it will provide an opportunity to address the question of competition once and for all.
"From a business perspective, choice in financial services is important so the Government and regulators should continue to promote alternative forms of finance like peer-to-peer lending and private placements, as well as focusing on competition in banking."
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