UK banks facing competition inquiry

UK banks facing competition inquiry

Britain’s major lenders are facing a full-scale competition probe over personal accounts and small business banking under plans set out by the watchdog today.

The Competition and Markets Authority (CMA) said customers had not seen enough benefit from efforts to open up the market.

It said it was minded to launch a full-scale market investigation but has given the “big four” banks – Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland – the chance to come up with their own solutions before a formal decision in the autumn.

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