News Column

CBI Responds to CMA Announcement on Banking Market Investigation

July 18, 2014

LONDON, July 18 -- The Confederation of British Industry issued the following news release:

The CBI responded to an announcement by the Competition Markets Authority (CMA) that it will consult on provisional decision to launch an in-depth investigation into the retail banking market.

Katja Hall, CBI Deputy Director-General, said:

"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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Source: Targeted News Service

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